Is my scenario looking good? (fit in, lease, neighborhood)

[mklei]

Hello,

I'm a total noob to the housing lottery but I asked to submit documents for a new building with a total of 240 affordable units (192 of which I am eligible for) at 130% AMI. There are no preferences on this building and the rent is not cheap.

My log number is 2,30x and I submitted documents a few days ago. I'm wondering how realistic it is for someone in this situation to end up signing a lease? Does anyone have similar scenarios where they successfully secured a unit? I will need to plan with my roommate and current landlord if this seems realistic.

Thank you!! I'm so excited and can't stop thinking about this every day

[macnyc2003]

Your chances are very good! There are a lot of units that you qualify for, and the 130% bracket is harder for developers to fill. Best of luck!

[7continents]

Just know that at 130 AMI every rent increase can be in the neighborhood of $75 a month and you will likely get raises every year/every two years. What is the rent stabilization worth to you? In today's market, it's worth almost $1,000 a month to me.

[vgome013]

Originally Posted by mklei

Hello,

I'm a total noob to the housing lottery but I asked to submit documents for a new building with a total of 240 affordable units (192 of which I am eligible for) at 130% AMI. There are no preferences on this building and the rent is not cheap.

My log number is 2,30x and I submitted documents a few days ago. I'm wondering how realistic it is for someone in this situation to end up signing a lease? Does anyone have similar scenarios where they successfully secured a unit? I will need to plan with my roommate and current landlord if this seems realistic.

Thank you!! I'm so excited and can't stop thinking about this every day

Hey! Just wanted to tell you that your chances are very good BUT to not start talking to your landlord until you get approved. I have been asked for documents in the 130% AMI like 6 times and did not get any of them because someone with a lower log number would get it. And the first time I spoke to my landlord thinking it was a done deal and had a not so pleasant conversation about breaking the lease.
So just be cautiously optimistic.

[BPC1999]

You're in great shape. You just need to be patient with this management company. They are very methodical, and slow. My kid submitted first docs early Sep and is just now getting to the finish line.

If all your docs are in place and you fit in the income range, you should be fine.

Good luck!

[mklei]

Originally Posted by BPC1999

You're in great shape. You just need to be patient with this management company. They are very methodical, and slow. My kid submitted first docs early Sep and is just now getting to the finish line.

If all your docs are in place and you fit in the income range, you should be fine.

Good luck!

yess... patience is a virtue i have to remind myself that.. hahah. appreciate all your advice!