How are assets calculated? (credit card, month to, income)

[EmmainBrooklyn]

Hi all,

This is my first post! My question is about the assets. Assuming I own no property, how are they calculated? I am submitting documents for myself and my partner. We both have a checking account, savings account, and an investment account (as well as retirement account, which I understand are not calculated toward the asset limit cap). However, statements for these account vary widely from month to month. For example, if I pay off my credit cards right at the end of a billing cycle, my account balance is super low. Also, my investment account ebbs and flows with the market. If we submit the past six month of checking statements, is an average taken?

We are right at the asset limit, and I'm afraid we might be over by about $2k depending on how this is calculated. I understand it is a privilege to have these assets, so if we are denied that is ok. Just figured I'd gather some thoughts. Thanks so much in advance!

P.S. we are just at the first document submission round on Housing Connect. We are a very low log number (#5XXX) but have a CB preference. I might be getting way ahead of myself

[linamonroll]

Read the assets section here: https://www1.nyc.gov/assets/hpd/down...dbook-8-21.pdf That doc will probably answer most of your questions.

In short, all your assets including savings, retirement, any property etc. are not themselves directly added to your income but they are totaled and multiplied by .06% and *that* figure is added to your income and you must still qualify. Also, your total assets are subject to an asset limit (assets only not assets plus income) equal to the maximum income for a family of 4 at your AMI. So as long as your total assets aren't more than the overall limit AND adding .06% of your assets to your household income doesn't put you over the income limit for your AMI and household size, you will be fine.

As to how your assets are calculated, they will likely use the highest figure from the last 4-6 months of statements you provide.