Update Self Employment Income in Housing Connect or leave as is?

[C56G]

Hey everyone
I am in the same process. I have tax returns for 2021 when I was on unemployment and wages from a job. But I've been self employed for just 2022 and This year. My worry is that u have to have 2 years of self employment. I'm wondering if My projected 2023 earnings that they had me notarized, will be considered as my year 2 of self employment.
Also how do they determine your "current situation Do they still calculate your bank statements when self employed?

[linamonroll]

Originally Posted by C56G

Hey everyone
I am in the same process. I have tax returns for 2021 when I was on unemployment and wages from a job. But I've been self employed for just 2022 and This year. My worry is that u have to have 2 years of self employment. I'm wondering if My projected 2023 earnings that they had me notarized, will be considered as my year 2 of self employment.
Also how do they determine your "current situation Do they still calculate your bank statements when self employed?

You do not have to have 2 years of self-employment. Read through starting on page 49 of the marketing handbook. They detail how income is determined when you don't have 2 years of self-employment. I was able to get approved in spring 2022 with only about 9 months of self-employment. But, I was able to provide executed contracts for the next year so they were able to verify what my income would be based on documentation not just my own projection. You have to prove your current situation with documentation, contracts, invoices, employer/client verification letters, deposits they see in your bank account over several months, taxes and 1099s from prior years etc., whatever you have.

https://www.nyc.gov/assets/hpd/downl...dbook-8-21.pdf

As I've said previously, it can still be challenging if you have limited documentation of your income. The burden of proof is on you to prove you do qualify, with documentation. If you can't prove you qualify, you will be rejected.

[WildAboutHarry]

(Bravo linamonroll!)

Proceed to do the paperwork with confidence. If you lack something or make a mistake it’s because you are human. Likely, they will ask about a mistake or missing part that matters.

If you are rejected on Income you can appeal. Appeals can be won. There are posts about it. Self Employed applicants can prevail with applications. There are posts about it and not just linamonroll’s.

Here is an additional official NYC HC doc, ten pages total on income. Has FAQs, and Helpful Terms at the end.
https://www.nychdc.com/sites/default...me%20Guide.pdf