The Ruby: 243 W 28 St — Lottery now open (square footage, auction)

[BugsyPal]

Originally Posted by KevinCH

Thank you for sharing this! I’m really surprised they still have so many units that need to be filled.

That's not exactly what response stated. They said were "processing" 35 CB units. That could mean they're still wading through those who applied, met initial qualifications and are otherwise in play. It's not same as saying 35 CB units are not filled for lack of qualified applicants (CB residents).

There were one hundred and forty-four "affordable" apartments of which fifty percent are reserved for community board number five. CB is half of units so there were 72 total in play. They're down to working on last 35 which is a hair over half, not too shabby in terms of processing.

[Citygirl1287]

I also feel like they are moving pretty quickly through the cb preference. I definitely don’t see it taking another 4-6 months to fill the remaining units.

[BugsyPal]

Originally Posted by Citygirl1287

I also feel like they are moving pretty quickly through the cb preference. I definitely don’t see it taking another 4-6 months to fill the remaining units.

One thing to remember is the huge gap in time between when persons submit lottery applications until they are called should their number be picked. This means everyone has to send in current income and other information before their files can be processed. Those within a CB may have qualified at time lottery was announced and they threw in their hat, but when chosen and asked to submit updated information, they don't... All this takes time as agents have to weed through...

[BugsyPal]

Originally Posted by Citygirl1287

I also feel like they are moving pretty quickly through the cb preference. I definitely don’t see it taking another 4-6 months to fill the remaining units.

Actually think they are doing remarkably well. So many were predicting at onset of this lottery there weren't enough residents of CB to apply much less qualify for lottery units. That obviously has been proven incorrect as demand did show itself. It remains to be seen if all 72 CB units will be filled but it seems as if building is on track to do so.

[mykingz]

is a expensive car considered a asset? for example if i buy one cash then they ask for assets, it would be in the range since car isnt counted?

[tonybolo]

Originally Posted by mykingz

is a expensive car considered a asset? for example if i buy one cash then they ask for assets, it would be in the range since car isnt counted?

Having high cash savings might not be an issue -- I wouldn't splurge on the Lamborghini. I think they're more interested in income generating assets.

[WildAboutHarry]

Originally Posted by mykingz

is an expensive car considered an asset? for example if i buy one cash then they ask for assets, it would be in the range since car isnt counted?

Don’t make any moves unless you know you are near to getting a unit. Don’t make a guess on your own.

Balances in specifically designated retirement funds and college savings accounts are not subject to the asset limit. Putting cash into these types of accounts might be a much better personal financial decision than buying an expensive car. Typically, a car will decline in value overnight. Even a new car. Try an sell a new car back to a dealer and their offer is going to be way less than you paid. If you need to replace a car you already have soon, then paying cash instead of financing it might be worth thinking about.

If the asset limits confirm that you need to “spend down” your cash after opening retirement and/or college accounts you might gave cash gift income under the tax limits to family members. Wedding gifts, birthday, anniversary, whatever.

Know the Asset Limits. Are you really near the limit that you have to move money around?
https://www.nyc.gov/assets/hpd/downl...rty-limits.pdf

Pages 52 and 54 in the Marketing Handbook might be useful to read.
https://www.nyc.gov/assets/hpd/downl...g-handbook.pdf

Income a Guide also useful
https://www.city-data.com/forum/newr...ply&p=65919327

Here is something below from the FAQ page of Housing Connect

https://housingconnect.nyc.gov/PublicWeb/faq

‘There is a limit to the amount of total assets an applicant household may have and still remain eligible for affordable housing.

Household assets include financial assets such as savings accounts, checking accounts, trusts, investment assets (stocks, bonds, etc.), cash savings, miscellaneous investment holdings, etc. (Balances in specifically designated retirement funds and college savings accounts are not subject to the asset limit, but are counted when calculating income from assets.)

The entire market value of any interest in real property is subject to the asset limit (e.g. residential, commercial, land, shares in a co-op, etc.). For other capital investments, only the applicant’s equity in the investment is subject to the asset limit.

The household asset limit for rental units is equal to the maximum income limit for a four (4)-person household at the area median income (AMI) level for which the unit is designated.

The household asset limit for all homeownership units is equal to the HUD maximum income limit for a four (4)-person household at 175% of the Area Median Income (AMI).’

[pezking05]

Just signed my TIC!!!!!!
They said 5-10 business days for city approval.

Has anyone been denied at this point?

[KevinCH]

Originally Posted by pezking05

Just signed my TIC!!!!!!
They said 5-10 business days for city approval.

Has anyone been denied at this point?

Congratulations!! That’s so exciting!!!

[nevinasb]

anybody got furthered or any updates with their app ?