Co-Signer, Recurring Gift Income to Qualify (apartment, rentals, move)

[NutrientRich]

To qualify for a lotter apartment:

Can applicants use a cosigner or guarantor? Many market rate rentals accept cosigners.

What about recurring monthly gifts from another person, say friend or family member?

[randomperson2]

No cosigners or guarantors.

They recently changed the rules so that recurring gift income up to $10K/year is counted; above that, it isn't, unless you would qualify with or without the money.

Signing a lease you can't afford is a bad idea and should generally be avoided.

[linamonroll]

Originally Posted by randomperson2

No cosigners or guarantors.

They recently changed the rules so that recurring gift income up to $10K/year is counted; above that, it isn't, unless you would qualify with or without the money.

Signing a lease you can't afford is a bad idea and should generally be avoided.

Do you have a source for the gift income rules change? All I see in the income guides from HPD say gift income is considered income.

[randomperson2]

Sorry, you're right. It's been a while, and I read an old thread carelessly. The rules change was to eliminate the anti-gift-income rule.

But unless you come from a rich family, relying on gift income to pay your lease is risky. Sugar daddies move on.