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”Balances in specifically designated retirement funds and college savings accounts are not subject to the asset limit, but are counted toward overall assets and income from assets.”
Can someone please clarify how retirement funds not accounted to asset limit ”but are counted toward overall assets and income from assets.”
What does overall assets and income from assets refer to? is this like dividends from assets included as income?
”Balances in specifically designated retirement funds and college savings accounts are not subject to the asset limit, but are counted toward overall assets and income from assets.”
Can someone please clarify how retirement funds not accounted to asset limit ”but are counted toward overall assets and income from assets.”
What does overall assets and income from assets refer to? is this like dividends from assets included as income?
Overall assets include your bank accounts and taxable investment accounts. For income from assets, from my understanding, it would be interest from assets or dividends; any periodic cash payments you would receive from the asset.
I dont know if this applies to you but worth a post for anyone else with questions regarding assets.
HPD/HDC Marketing: Asset Limits and Property Ownership Policies - https://www.nyc.gov/assets/hpd/downl...rty-limits.pdf
”Balances in specifically designated retirement funds and college savings accounts are not subject to the asset limit, but are counted toward overall assets and income from assets.”
Can someone please clarify how retirement funds not accounted to asset limit ”but are counted toward overall assets and income from assets.”
What does overall assets and income from assets refer to? is this like dividends from assets included as income?
I don't quite understand how it works either but I noticed that on my "performance report" for my retirement account it has a column for "income returns" that twice yearly shows a credit that I believe is reinvested into the fund. I don't know if the agent will count those credits or multiply the value of the whole thing by 0.06% like it said in that Housing Connect Income Guide like someone else posted before (https://www.nychdc.com/sites/default...me%20Guide.pdf). It sounds like they use the greater figure between the two to go towards annual income but they exclude the value of the retirement account from the total assets.
What's unclear to me is if they multiply all your assets by 0.06% or just the retirement funds. I hope it's not on all assets since not all my accounts are interest bearing.
"Interest from Assets: If you go to an interview, the
people interviewing you will calculate your interest
income from assets like bank accounts and other
investments. If all of your assets are worth less than
$5,000, the interest they earn is added to your income. If
all of your assets are worth more than $5,000, either the
interest they earn or 0.06% of their value is added your
income, whichever amount is greater. "
"Income returns" unfortunately are returns, even if they are immediately reinvested. Just like, e.g., dividends. However, you can, and probably should, argue that they are not regular income because they are not recurring, predictable, or guaranteed.
I am in the process of applying to one of these apartments and fear I may run into the same issue stated here re: asset limits. I have more than the asset limit for my AMI level but most is in retirement/401k.
Curious if I should 1) let things play and have my application reviewed as is, 2) transfer the non-retirement assets if rejected prior to writing and appeal, 3) contact the file analyst to ensure it's clear I am below the asset limit when you account for my retirement accounts via the "comments" section on my application or email directly.
I just got the same rejection for exceeding income.
They took unrealized gains on my brokerage accounts annualized them and added to my income. Does not make sense to me at all. In the handbook it only mentions dividends, distributions and interest on assets.
Location: Read the Marketing Handbook, and Income a Guide.
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Quote:
Originally Posted by mehdib302
I just got the same rejection for exceeding income.
I seems a mistake was made, Appeal, page 33 in the Handbook. Also, putting income from whatever source into retirement or education accounts might reduce the calculation of your income.
From Page 10: Interest from Assets: If you go to an an appointment to confirm eligibility, the developer or marketing agent will calculate your interest income from assets like bank accounts and other investments. If all of your assets are worth less than $5,000, the interest they earn is added to your income. If all of your assets are worth more than $5,000, either the interest they earn or 0.06% of their value is added your income, whichever amount is greater.
Last edited by WildAboutHarry; 08-22-2023 at 03:14 PM..
I wonder if this is the same idiot screwing it up in both cases. Which agency?
Unrealized gains should not be counted. I went through this process multiple times and they never counted against my income.
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