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Old 02-14-2023, 05:40 PM
 
191 posts, read 199,526 times
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Do developers ever add more units to a lottery while applicants are being processed?
Maybe if they are not renting all of the market rates as fast, would they add. Is this a thing?
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Old 02-14-2023, 05:57 PM
 
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They may do it in stages sometimes stage 1 for a particular income and stage 2 for perhaps a higher or lower income but I think those are usually as per their financial agreement with the state/city for backing them up in the affordability scheme deal. I don't know of a building that has market rates tuning them into affordable housing, because they are not being rented.
That would be awesome if they did, I doubt it though, that would change the agreed upon numbers financed but perhaps if anyone knows for sure either way it would be awesome to hear.
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Old 02-14-2023, 06:33 PM
 
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No it’s not a thing. They have an agreed upon number of lottery units, and market rates are not converted into lottery units.
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Old 02-14-2023, 06:35 PM
 
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Quote:
Originally Posted by Plantmom View Post
No it’s not a thing. They have an agreed upon number of lottery units, and market rates are not converted into lottery units.
Thank you
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Old 02-16-2023, 09:26 AM
 
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I was told specific units are always lottery and likewise market rate. I'm told even to switch units within market rate stock in the same building is difficult because you essentially have to start from scratch and go on the existing wait list with people not even in the building.
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Old 02-16-2023, 01:13 PM
 
Location: New York, NY
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Quote:
Originally Posted by Razzii View Post
Do developers ever add more units to a lottery while applicants are being processed?
Maybe if they are not renting all of the market rates as fast, would they add. Is this a thing?
I don't think so since it's predetermined - in many cases even before construction.
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Old 02-16-2023, 01:21 PM
 
31,902 posts, read 26,954,113 times
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Quote:
Originally Posted by Razzii View Post
Do developers ever add more units to a lottery while applicants are being processed?
Maybe if they are not renting all of the market rates as fast, would they add. Is this a thing?
Number of lottery units is haggled out and agreed upon between developer and city from get go. Once those papers are signed that's all there is, no further lottery units will be added.

Nothing is stopping any LL from putting apartments into RS program; they just have to register it with DCHR. Outside of various tax or other programs where LL derives some benefit from doing so most if not all won't willingly go near RS with a barge pole.
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Old 02-16-2023, 03:36 PM
 
191 posts, read 199,526 times
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Thank you everyone! this is all very informative!
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