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What do you reckon about with your log number in this CB. There are not many units like the RUBY had (I think this is 45 vs 144)
I am quite shocked at how high these log numbers are getting, it is def a desirable building. My only concern is that this building is not going to be completed for a long time unless you seen anything thats different.
And if the floorpans are reflective of actual units for lottery they look quite nice and very well lit
My odds aren't good TBH, if the units were 130% I'd feel better. I'm not stressed though, I love where I live now. I like this building and I'd definitely submit for it though if contacted because it's a tad cheaper (esp since I'm about to hit my first rent increase) and free (but comparable) amenities to what I have in basically the same neighborhood, I'd want to at least take a look and even consider it. I also don't love the aesthetic of the units from the HC pics (very white but somehow also dark? and I can't get with exposed concrete). We'll see.
Btw I'm not at all shocked by the high logs, I had up to 130k on the old HC site.
Don't count yourself out! This building isn't finished yet and AMIs are revised every spring (around March/April), never seen them go down. Stay in the game and you may very well still qualify when the AMIs increase. Good luck!
Wait.... so the AMI revisions work retroactively?? If you meet the AMI when you applied but don't anymore when they later revise it, that means you're then ineligible for that same lottery??
Wait.... so the AMI revisions work retroactively?? If you meet the AMI when you applied but don't anymore when they later revise it, that means you're then ineligible for that same lottery??
Not really retroactively but immediately. If you haven't been contacted yet or are being processed and haven't been approved and signed a lease, the revised AMIs will apply to you. You basically have to qualify up until you are HPD approved and sign a lease. Note that it is the max income at each AMI that is set by HUD, the min is set by the building and usually doesn't change.
For example, say the income bracket when you applied was 50k-70k and at the time you made 65k, which is what is on your application, this is fine. Then say by the time they get to your log, your income is now 73k (over the original max) but the new annual AMI adjustment has happened and the max income in your AMI has increased from 70k to 78k, you are still fine. So long as you can prove you make the 73k and provide all other docs requested, you are under the new 78k max, you would qualify.
This is why it is always worth applying to buildings you like even if you are slightly outside the bracket in either direction, because you may find that by the time they contact you and you are being processed, you do qualify (you got a raise or the AMIs increased enough).
Wait.... so the AMI revisions work retroactively?? If you meet the AMI when you applied but don't anymore when they later revise it, that means you're then ineligible for that same lottery??
AMI and household income go by when ball starts rolling (request to submit documents), not when log number is generated. Furthermore since process can take a very long time for AMI at least nothing is certain until a household is quite far along. That means literally pretty much approved by HPD, lease drawn up and awaiting signatures.
If you get a log number for a building in December 2023 and are not called to begin process until November 2024 or later things will go by current income and whatever AMI numbers HUD releases in spring of 2024.
Not really retroactively but immediately. If you haven't been contacted yet or are being processed and haven't been approved and signed a lease, the revised AMIs will apply to you. You basically have to qualify up until you are HPD approved and sign a lease. Note that it is the max income at each AMI that is set by HUD, the min is set by the building and usually doesn't change.
For example, say the income bracket when you applied was 50k-70k and at the time you made 65k, which is what is on your application, this is fine. Then say by the time they get to your log, your income is now 73k (over the original max) but the new annual AMI adjustment has happened and the max income in your AMI has increased from 70k to 78k, you are still fine. So long as you can prove you make the 73k and provide all other docs requested, you are under the new 78k max, you would qualify.
This is why it is always worth applying to buildings you like even if you are slightly outside the bracket in either direction, because you may find that by the time they contact you and you are being processed, you do qualify (you got a raise or the AMIs increased enough).
This was super helpful and encouraging. Thank you so much for breaking that down. I had no idea it worked that way!
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