Housing lottery income (New York, York, Charlotte: for sale, real estate, apartment)

[Rumi2316]

Hi guys, I would appreciate if anyone can help me.
So I’m requested to submit documents for the apartment. Based on my 2020 and 2021 income I’m qualified.
But with the recent job I have my income might be more than the limit. I started it 2 months ago. It’s hourly pay and I’m not sure how long I will stay there.
Will that be an issue since I will need to provide paystubs?

[macnyc2003]

It might be. Submit the pay stubs requested and see what they say. In the meantime, google Marketing Handbook HPD and download that. Read what it says about income calculation so you are knowledgeable.

[Rumi2316]

They also sent the employment verification form. Do they send it to employer?
I honestly don’t want my employer to know that I’m applying for housing or anything.

[WildAboutHarry]

Originally Posted by Rumi2316

They also sent the employment verification form. Do they send it to employer?
I honestly don’t want my employer to know that I’m applying for housing or anything.

I d ask about that. I don’t know or not if the fact you have applied might leak out to your employer. If it’s important to you, talk to someone about it.

Here is the handbook. Income starts on page 43.
https://www1.nyc.gov/assets/hpd/down...g-handbook.pdf

[CyaneC]

Originally Posted by Rumi2316

They also sent the employment verification form. Do they send it to employer?
I honestly don’t want my employer to know that I’m applying for housing or anything.

They will send/fax an employment verfication form to your employer's HR department. The form also asks your employer if there will be any changes in pay rate in the next 12 months.

[NYC_Housing_Wonk]

When you submit your income documents for review the Marketing Agent reviewing the documents is required to take the current and highest gross amount from these sources: previous W2s, previous tax return filing, employment verification, paystub average projected over a year.

If you received a pay rate increase most likely the paystub gross average projected over a year will be the highest amount.

Employment verification forms are sent to your employer to be filled out by HR dept. or a direct supervisor.

[TheaterFan]

Originally Posted by CyaneC

They will send/fax an employment verfication form to your employer's HR department. The form also asks your employer if there will be any changes in pay rate in the next 12 months.

@CyaneC: what is a fax?

[Rumi2316]

if anyone can help me. I have an apartment in Charlotte, North Carolina purchased in 2020 and it has huge mortgage. I am going to list it for sale this weekend since i dont live there, its just expense but housing considers it as an asset despite the mortgage. will the fact that its on sale help? what shall i do? I submitted documents for an apartment and now they have this stupid reason.

[macnyc2003]

The apartment that you own is an asset. It counts against the asset cap. If you sell it, the money that you make from the sale will also be an asset. Plus, the entire value of the real estate is counted as an asset, not just the part that you actually own.

The Marketing Handbook says:

B. PROPERTY OWNERSHIP
1. Asset Calculation
If an applicant owns any real property, the market value of that real property is
included in the calculation of household assets and is subject to the asset limit
(see Section 5-5.A, “Asset Limits”).
2. Income Calculation
If an applicant owns any real property, the actual or potential rental income from
that real property is included in the income calculation.
3. Prohibition – Rental Affordable Unit
For a rental affordable unit, no member of the applicant’s household may own
any residential real property in, or within a 100-mile radius of, New York City.
4. Prohibition – Homeownership Affordable Unit
For a homeownership affordable unit, no member of the applicant’s household
may own, or have previously purchased, any interest in residential
real property.

https://www1.nyc.gov/assets/hpd/down...dbook-8-21.pdf

[Rumi2316]

But with the sale I will pay back the mortgage so my asset will be significantly lower. dont they consider the mortgage as a liability and exclude from asset?