Question about qualifying income (calculated, tax return, best)

[dibzim]

Hi all,

I was recently selected to provide documentation for Brooklyn Crossing. My current situation is as such - last year as reflected on my tax returns, my income exceeded the high end of the qualifying income bracket. However, this was a one off event for 2022. My current income, and my future income is directly in line with the income bracket. Does anybody have any insight on whether I qualify for the unit?

Any advice would be greatly appreciated. Thank you!

[macnyc2003]

This is a good question. The rule is that your income is calculated several ways, and the highest amount is the one used. So if your 2022 tax return is the highest, technically that's the one that should count. However, I have always suspected that the six pay stubs count "more," since that is more recent than a tax return and thus more accurate.

The reason the tax return counts, even though it is an out-of-date amount, is that the process wants to detect people who deliberately take a lesser-paying job in order to qualify. That is not your situation, obviously.

Also, the AMI (Area Median Income) has gone up since 2022, raising the income brackets. Are you looking at 2022 AMI or 2023 AMI? Maybe the AMI has gone up enough that your last year's income will fall within the bracket now. Here's a link to the 2023 AMI:

https://www.nyc.gov/site/hpd/service...an-income.page

I would encourage you to go through the process if you like the building and submit everything requested. If you are denied, you might be able to mount an appeal based on the fact that the 2022 income was a one-off or if the development is using the 2022 AMI to disqualify you. It doesn't hurt to try! It looks like a gorgeous building. Best of luck!

[WildAboutHarry]

There are dozens on recent posts addressing this question. And many more older one. You can search them with ‘search this forum’

The Marketing Handbook, and Income a Guide, have examples.

Do Not Reject Yourself. It’s not your job. It’s their job. Your answer and their answer might not agree. You can appeal their rejection.