Leasing agent for property said to make sure income stays within AMI for years after winning lottery (apartments, how much)
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I am really surprised I thought that as long as you moved in your income can go up but your rent is maxed out for a 1% or 2% increase? I’m starting graduate school in the fall and as part of receiving my Master’s, I have to start working which is going to increase my income again.
The leasing agent said that they urge and recommend prospective tenants to stay at the AMI they are in for that lottery so they can be managed better under the lottery. It’s really turning me off from the process and not making me want to apply for any more lotteries if this is how you’re supposed to be doing things.
So, I was also told that while occupying the lottery apartment you can not under any circumstances become a full time student because when the recertification approaches, you can be denied a lease renewal due to the student status.
I was also told to send in all of these extreme documents which means I agree to what I posted above. Meaning I have to sign saying I won’t ever be full time, I won’t increase my income beyond the AMI and my assets won’t go past a certain amount (I have five figure saved up anyway).
I have a strong feeling this agent is misinformed. From what I've learned they do not continue to check your income after you sign the lease. You can make more money and your rent will stay the same.
While I've never heard that you had to stay in the same income after winning.
I have heard that fulltime students are not allowed in low-income units financed with LIHTC or Tax-Exempt Bonds unless they meet one of the IRS exemptions.
So you would need to know what kind of tax exemption your building has and whether you fall under one of the exemptions if you will be a fulltime student.
I suggest you reach out to HPD not the leasing agent for more clarification. Also read through the marketing handbook, I know it touches on this subject but I'm not sure how in-depth it is, which is why HPD will be more help.
Did the rules recently change? Move been in my lottery apartment for the past 13 years and that hasn’t been the case but again it has been a while maybe the rules changed.
I was told 2 different things for my current building. When submitting my documents in person, I was initially told that my household only needs to qualify income wise through the process and can make as much as we want after signing the lease (and be subject to rent stabilized increases). The reason being lottery apartments should not hinder a family's growth and financial advancements (and ability to eventually move on from the lottery Apt). However, at my lease signing, a different agent told me I have to stay within the income range for as long as I live in the apartment. I asked what happens if I surpass it, and was then told I can still live in the apartment but will have to pay market rate.
I was told 2 different things for my current building. When submitting my documents in person, I was initially told that my household only needs to qualify income wise through the process and can make as much as we want after signing the lease (and be subject to rent stabilized increases). The reason being lottery apartments should not hinder a family's growth and financial advancements (and ability to eventually move on from the lottery Apt). However, at my lease signing, a different agent told me I have to stay within the income range for as long as I live in the apartment. I asked what happens if I surpass it, and was then told I can still live in the apartment but will have to pay market rate.
How long have you been there? Have they followed up and asked for proof of income post lease signing?
It just doesn't make sense. These apartments are essentially rent stabilized and a regular non lottery rent stabilized apartment in NYC your landlord is not knocking at your door every lease renewal asking how much you make so they can raise your rent based on your new income. Everything is regulated by the state not by an individuals income
Have a feeling not every agent understands the HPD rules . Especially if its a new agent.
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