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Old 02-03-2022, 09:54 AM
 
2 posts, read 1,619 times
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Hi everyone, I'm new to the 421a/lottery process and just found this forum. I had a question about lease renewals: if you got into your 421a apartment in a specific income bracket, but then get a (significant) pay raise or change jobs after you move in, are you still entitled to a renewal lease in perpetuity even if you're now over-income? I can't seem to find that information on HPD's website. Tyia.
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Old 02-03-2022, 11:40 AM
 
3,137 posts, read 2,729,934 times
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Yes. The renewal certification is to track the building's population of rent-stabilized units, not to confirm continued eligibility.

If you're in a Mitchell-Lama building, you may be charged a surcharge, though.
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Old 02-03-2022, 12:41 PM
 
2 posts, read 1,619 times
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Quote:
Originally Posted by randomperson2 View Post
Yes. The renewal certification is to track the building's population of rent-stabilized units, not to confirm continued eligibility.

If you're in a Mitchell-Lama building, you may be charged a surcharge, though.
Noted, awesome, thanks so much.
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Old 02-03-2022, 01:35 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,021 posts, read 1,636,581 times
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Also, there is this moving part: The AMI% income brackets get recalculated each year. In mid -Spring, I think.
I have never seen an explanation if they get updated in the middle of lottery, or if they update an existing waitlist.
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Old 02-03-2022, 03:19 PM
 
172 posts, read 243,836 times
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This may be a stupid question but are all apartments in the lottery rent stabilized?
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Old 02-04-2022, 04:42 PM
 
Location: New York City
79 posts, read 66,698 times
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Quote:
Originally Posted by namebyuser View Post
This may be a stupid question but are all apartments in the lottery rent stabilized?
I believe so - I think it is required for them to be rent-stabilized (especially the current lotteries).
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Old 02-09-2022, 12:17 PM
 
292 posts, read 272,670 times
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Quote:
Originally Posted by namebyuser View Post
This may be a stupid question but are all apartments in the lottery rent stabilized?
Yes! They are all rent stabilized.
At the moment it is a 1.5% increase for 1 year leases and 2.5% increase for 2 year leases.
That is subject to change though. The rent board votes on that percentage every year. Every June I believe.
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