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Thank you for this! Super helpful information since I'm also planning ahead for deliveries. They won't give us the keys until move-in date May I ask what moving services you used? And where you got a renter's insurance?
I went through State Farm. They quoted me $10 a month. I didn’t use any moving services however.
I don't think it works like that. Once the building's tax benefits end your unit would go to MR *if* you moved out and they were re-renting it. I don't think they can jack up your rent, aside from RGB increases, as long as you (or a lawful successor) lives there.
Im not good at legal stuff so anyone can decipher this that will be great! I probably did misunderstand it but this is part of the rider.
Also on the 13th year anniversary of the tax abatement they will start to add (on top of rent increase) 2.2% of the actual monthly rent of the apt... what does this mean?
"OWNER IN GOOD FAITH BELIEVES THAT THE § 421-A TAX BENEFITS WILL EXPIRE ON OR
ABOUT JUNE 30, 2031. AFTER SUCH DATE, THE APARTMENT WILL NOT BE REGULATED AS
TO THE AMOUNT OF RENT THAT MAY BE CHARGED FOR THE APARTMENT NOR WILL THE OWNER
BE LEGALLY OBLIGATED TO RENEW THE LEASE, EXCEPT AS REQUIRED BY THE HFA
REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT. IF THE OWNER SHOULD
ELECT TO RENEW THE LEASE AT THAT TIME, THE OWNER WILL NOT BE LEGALLY BOUND BY
ANY GOVERNMENTAL RENT GUIDELINES AND MAY CHARGE AN UNREGULATED RENT, EXCEPT AS
REQUIRED BY THE HFA REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT."
EFFECTIVE ON THE
ANNIVERSARY DATE OF THE COMMENCEMENT OF THE INITIAL LEASE ISSUED TO YOU FOR
THIS APARTMENT. DURING THE FIRST YEAR OF SUCH “GRADUAL DIMINUTION” OF
BENEFITS (THE “ANNIVERSARY DATE”), OWNER WILL BEGIN TO CHARGE AND COLLECT FROM
YOU EACH MONTH AN AMOUNT EQUAL TO 2.2% OF THE APARTMENT’S ACTUAL MONTHLY RENT
IN EFFECT AT THE COMMENCEMENT OF THE “GRADUAL DIMINUTION” PERIOD (“THE 2.2%
RENT INCREASE”). THE FIRST YEAR OF “GRADUAL DIMINUTION” BEGINS IN THE
THIRTEENTH YEAR OF PARTIAL TAX EXEMPTION BENEFITS, WHICH IS PROJECTED TO
COMMENCE DURING THE CITY’S JULY 1, 2023 THROUGH JUNE 30, 2024 FISCAL YEAR.
THUS THE FIRST 2.2% RENT INCREASE IS PROJECTED TO START ON THE ANNIVERSARY
DATE DURING THE 2023-2024 FISCAL YEAR. THEREAFTER, THERE WILL BE SEVEN (7)
2.2% RENT INCREASES ON EACH SUCCESSIVE ANNIVERSARY DATE. ALL EIGHT (8) 2.2%
RENT INCREASES ARE IN ADDITION TO ANY OTHER RENT INCREASES THAT MAY BE
PERMITTED UNDER RENT STABILIZATION BUT ARE SUBORDINATE TO THE RENT PROVISIONS
OF THE HFA REGULATORY AGREEMENT AND THE HPD LIHP WRITTEN AGREEMENT.
Any help again with non legal words in helping me understand this would be great!!
Im not good at legal stuff so anyone can decipher this that will be great! I probably did misunderstand it but this is part of the rider.
Also on the 13th year anniversary of the tax abatement they will start to add (on top of rent increase) 2.2% of the actual monthly rent of the apt... what does this mean?
"OWNER IN GOOD FAITH BELIEVES THAT THE § 421-A TAX BENEFITS WILL EXPIRE ON OR
ABOUT JUNE 30, 2031. AFTER SUCH DATE, THE APARTMENT WILL NOT BE REGULATED AS
TO THE AMOUNT OF RENT THAT MAY BE CHARGED FOR THE APARTMENT NOR WILL THE OWNER
BE LEGALLY OBLIGATED TO RENEW THE LEASE, EXCEPT AS REQUIRED BY THE HFA
REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT. IF THE OWNER SHOULD
ELECT TO RENEW THE LEASE AT THAT TIME, THE OWNER WILL NOT BE LEGALLY BOUND BY
ANY GOVERNMENTAL RENT GUIDELINES AND MAY CHARGE AN UNREGULATED RENT, EXCEPT AS
REQUIRED BY THE HFA REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT."
EFFECTIVE ON THE
ANNIVERSARY DATE OF THE COMMENCEMENT OF THE INITIAL LEASE ISSUED TO YOU FOR
THIS APARTMENT. DURING THE FIRST YEAR OF SUCH “GRADUAL DIMINUTION” OF
BENEFITS (THE “ANNIVERSARY DATE”), OWNER WILL BEGIN TO CHARGE AND COLLECT FROM
YOU EACH MONTH AN AMOUNT EQUAL TO 2.2% OF THE APARTMENT’S ACTUAL MONTHLY RENT
IN EFFECT AT THE COMMENCEMENT OF THE “GRADUAL DIMINUTION” PERIOD (“THE 2.2%
RENT INCREASE”). THE FIRST YEAR OF “GRADUAL DIMINUTION” BEGINS IN THE
THIRTEENTH YEAR OF PARTIAL TAX EXEMPTION BENEFITS, WHICH IS PROJECTED TO
COMMENCE DURING THE CITY’S JULY 1, 2023 THROUGH JUNE 30, 2024 FISCAL YEAR.
THUS THE FIRST 2.2% RENT INCREASE IS PROJECTED TO START ON THE ANNIVERSARY
DATE DURING THE 2023-2024 FISCAL YEAR. THEREAFTER, THERE WILL BE SEVEN (7)
2.2% RENT INCREASES ON EACH SUCCESSIVE ANNIVERSARY DATE. ALL EIGHT (8) 2.2%
RENT INCREASES ARE IN ADDITION TO ANY OTHER RENT INCREASES THAT MAY BE
PERMITTED UNDER RENT STABILIZATION BUT ARE SUBORDINATE TO THE RENT PROVISIONS
OF THE HFA REGULATORY AGREEMENT AND THE HPD LIHP WRITTEN AGREEMENT.
Any help again with non legal words in helping me understand this would be great!!
i am no lawyer myself but I do not like the sound of that. only 8 years of stabilization AND an additional 2.2% increase over the max? is that standard in other lottery buildings?
here is what I found on HPD website,
Construction period exemption (up to 3 years) plus 10-year (2 years full + 8 years phase out),
15-year (11 years full + 4 years phase out),
20-year (12 years full + 8 years phase out),
or 25-year (21 years full + 4 years phase out) post-construction exemption from the increase in real estate taxes resulting from the work.
The length of benefits depends on location, commencement of construction, and affordability in the project.
All market rate rental units become subject to rent stabilization for the duration of the benefits, with initial rents approved by HPD. Affordable rental units are rent stabilized for 35 years.
Scroll to the bottom of the page, clink on link in the section that says “For Tenants” There you will find “421-a & Rent Stabilization Tenant Fact Sheet”
Im not good at legal stuff so anyone can decipher this that will be great! I probably did misunderstand it but this is part of the rider.
Also on the 13th year anniversary of the tax abatement they will start to add (on top of rent increase) 2.2% of the actual monthly rent of the apt... what does this mean?
"OWNER IN GOOD FAITH BELIEVES THAT THE § 421-A TAX BENEFITS WILL EXPIRE ON OR
ABOUT JUNE 30, 2031. AFTER SUCH DATE, THE APARTMENT WILL NOT BE REGULATED AS
TO THE AMOUNT OF RENT THAT MAY BE CHARGED FOR THE APARTMENT NOR WILL THE OWNER
BE LEGALLY OBLIGATED TO RENEW THE LEASE, EXCEPT AS REQUIRED BY THE HFA
REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT. IF THE OWNER SHOULD
ELECT TO RENEW THE LEASE AT THAT TIME, THE OWNER WILL NOT BE LEGALLY BOUND BY
ANY GOVERNMENTAL RENT GUIDELINES AND MAY CHARGE AN UNREGULATED RENT, EXCEPT AS
REQUIRED BY THE HFA REGULATORY AGREEMENT OR THE HPD LIHP WRITTEN AGREEMENT."
EFFECTIVE ON THE
ANNIVERSARY DATE OF THE COMMENCEMENT OF THE INITIAL LEASE ISSUED TO YOU FOR
THIS APARTMENT. DURING THE FIRST YEAR OF SUCH “GRADUAL DIMINUTION” OF
BENEFITS (THE “ANNIVERSARY DATE”), OWNER WILL BEGIN TO CHARGE AND COLLECT FROM
YOU EACH MONTH AN AMOUNT EQUAL TO 2.2% OF THE APARTMENT’S ACTUAL MONTHLY RENT
IN EFFECT AT THE COMMENCEMENT OF THE “GRADUAL DIMINUTION” PERIOD (“THE 2.2%
RENT INCREASE”). THE FIRST YEAR OF “GRADUAL DIMINUTION” BEGINS IN THE
THIRTEENTH YEAR OF PARTIAL TAX EXEMPTION BENEFITS, WHICH IS PROJECTED TO
COMMENCE DURING THE CITY’S JULY 1, 2023 THROUGH JUNE 30, 2024 FISCAL YEAR.
THUS THE FIRST 2.2% RENT INCREASE IS PROJECTED TO START ON THE ANNIVERSARY
DATE DURING THE 2023-2024 FISCAL YEAR. THEREAFTER, THERE WILL BE SEVEN (7)
2.2% RENT INCREASES ON EACH SUCCESSIVE ANNIVERSARY DATE. ALL EIGHT (8) 2.2%
RENT INCREASES ARE IN ADDITION TO ANY OTHER RENT INCREASES THAT MAY BE
PERMITTED UNDER RENT STABILIZATION BUT ARE SUBORDINATE TO THE RENT PROVISIONS
OF THE HFA REGULATORY AGREEMENT AND THE HPD LIHP WRITTEN AGREEMENT.
Any help again with non legal words in helping me understand this would be great!!
Are you a city worker ( civil servant?) if yes contact your UNION legal department that they will digest it to you. If you are not call Legal Aide and they will also be able to explain it. Theyb are very good to give explanations regards what your rights are
Just when I thought I had submit the final round of paperwork, they asked me for more documents signed and notarized yesterday. I sent those in and now we play the waiting game.
What was I reading that someone was saying there’s no more one bedrooms?
Scroll to the bottom of the page, clink on link in the section that says “For Tenants” There you will find “421-a & Rent Stabilization Tenant Fact Sheet”
This is really helpful. From the fact sheet: . "In buildings that started construction on or after July 1, 2008, and on or before
December 31, 2015, 421-a income-restricted units must remain both affordable and rent stabilized for at least 35 years from the building’s completion of construction, and tenants holding a lease and living in a 421-a income-restricted units at the expiration of the 35-year period have the right to remain as rent stabilized tenants for as long as they live there." and same for 421-a(16) income-restricted rental units. That's what I thought, you should be ok if you keep living there.
Lease is signed and estimated move in is early July! Thank you all for your support!!!
Sharing my timeline below to help others in the future (with length of time between each step). Process took 3 months from initial document requests to approval… and another 2 months for move in, but once I was actually contacted by an agent (vs HC notifications) everything from document review, approval, and lease signing happened within 2 weeks.
Initial Doc request: 2/1/23 (4 months, 1 week)
Snapshot of my file was taken this day. I believe I was in the 2nd batch of requests and sent in docs the same day. Received a text, email, and status update on HC. I’ve posted previously everything that was asked for if interested… and was given a deadline to submit by 2/15.
Additional docs: 3/24/23 (1 month, 3 weeks)
Requested updated paystubs via HC (last 4-6 weeks) or Employment Verification form. Same notifications as initial request and deadline to submit by 3/30 (about a week). Submitted paystubs on 3/28.
Marketing agent contact for docs: 4/24/23 (1 month)
Marketing agent contacted via email to submit all documents again directly to them, but requested paystubs to be latest 4 and bank statements to be latest 6. I’m pretty sure these were the only documents considered for this review and nothing that I uploaded to HC previously was used. General note that timeline to send back is within 10 business days, otherwise you risk being rejected. Also this person was different than my contact on HC, but both were on my email for when I signed HPD documents.
*I was a given the info that 100% AMI units are on the higher floors, which I think is why it took so long between doc requests… they didn’t want to start the process too early because units weren’t ready. Whoever’s next, I would be surprised if you get a unit in the 50s!
Apartment Viewing: 5/1 (1 week)
I was asked if I wanted a studio or 1 BR… I said 1 BR and they gave me floors to choose from to assign a unit to see. During the tour this wasn’t the layout I was hoping for… the living area seemed small, there was a W/D combo and it faced to the 606 building. I ended up calling my agent to see if there were other options I could see and they gave me another apartment to view, which I ended up choosing. Layout was the same except a city view and stacked W/D. So goes to show… it doesn’t hurt to ask, make sure you do so before your file is sent to HPD!
Final Documents to prep for HPD submission: 5/1 (same day)
After the viewing I emailed to let them know I wanted the unit and they sent back a bunch of docs to sign (prev. post where I list them all). The agent also called to review where I needed to sign and update info.
HPD Submission: 5/5 (end of week)
I didn’t receive a notification or email. Was just able to see my file was upload for HPD approval through the HC documents section for this building.
Approval: 5/8 (following Monday)
Saw later in the morning the status updated to “Review Complete” and then in the afternoon received a HC text/email notification to accept or deny the unit.
Building Contact: 5/9
Sent a follow up email to my agent asking next steps now that I was approved and accepted the unit… maybe 20 min later I received a congratulatory email from the building requesting a desired move in date, lease term, stove knob/ window guard request, pet information (name, breed, weight), and email. This is all so they can generate an electronic lease and set up my tenant account for their property management site (Rent Cafe). They noted that my security deposit plus first months rent can be paid through this site and needed to be done so before moving in to secure the lease. 2 checks can be mailed as well if needed.
Lease Signing: 5/10
Received and sent back the lease, which had my move in date. I requested mid-June or early July, in which they gave me early July. Now just waiting for them to co-sign and I’m all set!
I hope this helps in easing some minds on timeframes/ gauge expectations. Please remember everyone’s process and agent is different. There may be things that come up that cause delays. My agent luckily was very prompt and responsive… also expressed my application was very straight forward, which is why I think things moved so quickly.
I think my time here is done, but will check in from time to time as I’m happy to continue to answer questions! Oh and I’ll definitely give a move in update. Best of luck to all!
I was asked to submit docs on 4/17.
I requested to bring them in - had a meeting with my agent 4/26, and gave her every doc she asked in her appointment email, she had me sign paperwork that basically said here’s you 1Br at this price but without the unit number on it.
She then requested more documents.
Sent in proof of address, and some other paperwork.
She sent a letter of employment to my manager.
She then requested more documents.
Sent in notarized bank statements, proof of current address, notarized tip payment affidavit, plus a few more.
My HC profile still says, Appointment Requested.
And all she’s said is “this is a process, please be patient, I also have other applicants” .
Very rarely will she confirm via email that she’s received my documents.
And she’s been, at times, incredibly hard to get ahold of - email or phone.
I was told I should’ve been able to view the apartment / that hasn’t even come up since my interview.
At this point, I’m not sure what’s going on because I’ve expended my weekly amount of emails to her.
She’s given me no timeline, other than her and her manager have been prepping my docs to send to HPD.
One additional thing with the lease that is throwing me for a loop… I feel like no one has mentioned this but, there is a “Tax Credit Move In” application that you need to submit with Clinton Management, which you’ll need to add your income, banking, and investment amounts similar to HC and sign a release to request verification with your landlord and employer. There’s also an optional section to upload Tax returns, 2 months paystubs, 6 months Bank Accounts, savings, and Investments.
I chose not to upload since they should have all of this from HPD, but thought this was weird. We’ll see if they come back and say I need to submit.
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May I ask what moving services you used? And where you got a renter's insurance?
