The Ruby: 243 W 28 St — Lottery now open (for sale, condo)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just got accepted today for my 1 bedroom. I will sign the lease on Tuesday.
Anyone know square footage of the one bedrooms?
thats awesome news, do you know what unit line you were assigned to be shown and sign lease for. You dont have to share the exact unit you are in for privacy reasons but can let us know what unit line you were assigned to.
for e.g this street easy 1 bed is 17MS (floor 17 Plan M and its in the South tower). Posted link below
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.
i got all my secondary docs approved but my savings was to high, basically you cant have more then 100k for 70% and 112k for 80% in total assets or its rejected no matter how much u make a year. so if u ever have more then that amount, you will always get rejected by any of the lotteries even if you get chosen to submit documents. I wish they told me this sooner rather then waitng tlll they got all my personal financial information.
i also asked then about the asset limit and they lied saying they need to go over all my assets, even though i told them the total amount and if the amount matters before submitting anything...
so basically if your young 18-24 with less than 100k in assets, it makes sense since its still early
but whoever 30+ single without kids and less then 100k have more things to worry about then a apartment, guess those are who HPD is targeting.
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.
Having "high" liquid assets (such as cash) is always an issue for various federal, state and local aid programs.
Medicaid and other programs specifically want to know total household assets including cash. Funds in accounts that cannot be easily accessed such as college savings is one thing, but having large amounts in checking, savings, CDs and other accounts that are easily tapped are counted differently.
i got all my secondary docs approved but my savings was to high, basically you cant have more then 100k for 70% and 112k for 80% in total assets or its rejected no matter how much u make a year. so if u ever have more then that amount, you will always get rejected by any of the lotteries even if you get chosen to submit documents. I wish they told me this sooner rather then waitng tlll they got all my personal financial information.
i also asked then about the asset limit and they lied saying they need to go over all my assets, even though i told them the total amount and if the amount matters before submitting anything...
so basically if your young 18-24 with less than 100k in assets, it makes sense since its still early
but whoever 30+ single without kids and less then 100k have more things to worry about then a apartment, guess those are who HPD is targeting.
I didn’t know about the asset limit until I went out of my way to make a financial meeting with one of Housing Connect’s partner orgs. Highly recommend doing that while you are in the process of submitting docs! I called one of their listed partners and set up a zoom call to go over all the financial documents and affidavits I had to submit and he explained the asset limit and other details I never would have known about. Just a suggestion if you’re going through the process! I found it incredibly helpful
Having "high" liquid assets (such as cash) is always an issue for various federal, state and local aid programs.
Medicaid and other programs specifically want to know total household assets including cash. Funds in accounts that cannot be easily accessed such as college savings is one thing, but having large amounts in checking, savings, CDs and other accounts that are easily tapped are counted differently.
Thanks for clarifying. I wonder whether alternative immediate investments are possible rather than buying a car, as retirement plans and college savings plans have yearly contribution limits. Guess that question is for paid accountants.
Thanks for clarifying. I wonder whether alternative immediate investments are possible rather than buying a car, as retirement plans and college savings plans have yearly contribution limits. Guess that question is for paid accountants.
Buying a motor vehicle or most other tangible assets is not an investment. Things depreciate from moment leave showroom or shop and there is no promise will grow in value. That is just because you paid $$$ for a car does not mean you'll be able to turn around and sell it for same.
Liquid assets is just that; cash or whatever that can easily be accessed and spent. If you've got $100k in bank even if not currently working are no where near broke.
There are scores if not hundreds of people who work in art galleries, auction houses, museums, fashion and some other areas that on paper earn very little. We're talking jobs that barely pay $31k to 60k a year. However many are "trust fund" young adults or persons. They receive nice sums each month from those funds and can access more if necessary.
For purposes of this thread or situation would you consider a person like above who only earns $35k per year but has savings, assets, investments, trust fund and cash in bank in excess of say $100k to $200k "poor" and in need of "low income" housing?
It's like older persons who need to go into nursing home but have substantial assets and want Medicaid to pay for their care. Such persons and or their families will "spend down" assets so will qualify. To counter this Medicaid has a look back period where they want to see how much a person had in immediate past and where it went.
Does anyone know if all of the 1-bedroom residences in South tower look like what's represented in this video? Specifically yellow walls in living areas and the patterned wall behind the bed in the room:
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
