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The $96,640 is for a three person household (may have gone up to $101K now), the $74-$79K is for a one-person household. The latest income limits (which Masaryk Towers appears to adhere to) are here (scroll down to Income Limits, Cooperative): HPD - Find Housing - Mitchell Lama
That's a well known Lower East Side blog, NYDANIEL - not sure if there was a specific article there you wanted to point out, the link just points to the home page.
hi Popartist, now try above link. and let me know if I'm reading it incorrectly?
hi Popartist, now try above link. and let me know if I'm reading it incorrectly?
Yes, that is what it was when we applied, but you see the asterisk next to the range - if you go to the text below the chart, the asterisk notes that it's based on household size - the actual max will be different for 1, 2, and 3 person households - so if you look at the chart I linked to the max for 1 person is $79.296 currently (was a bit over $74K when we applied), for 2 people it is $90,625 (was approx. $86K) and for 3 people it is $101,953 (was $96,640 when we applied). The minimum is also likely higher than $30K for 2 and 3 person households but I don't know what those figures are.
thank you so much for your clarification. I would not have notice it. so, Will you still in the range or over the max. if so, will there be a surcharge? I'm probably in the same situation as you.
I am still under the max for one person right now. You have to be in range to get the apartment - but once you are in, if you go past the range they'll just add a surcharge to your carrying charges, it is still very affordable though.
The $96,640 is for a three person household (may have gone up to $101K now), the $74-$79K is for a one-person household. The latest income limits (which Masaryk Towers appears to adhere to) are here (scroll down to Income Limits, Cooperative): HPD - Find Housing - Mitchell Lama
That's a well known Lower East Side blog, NYDANIEL - not sure if there was a specific article there you wanted to point out, the link just points to the home page.
Hi Popartist, how is the income calculated? Was it the gross income of total salary? Or the adjusted gross income as on your taxes after all deductions? How does this work? If it's adjusted gross income, then there is some opportunity for people over the standard amounts to contribute to a 401K, IRA or other tax vehicle to lower their adjusted gross income so they qualify and are within the range. Something to consider if it's a possibility. Can you tell us more about the income qualifications you went through? Thanks.
I haven't gone through qualification because they haven't called me yet, so I am not sure. I am pretty sure you will have to report full gross one way or another (i.e they will see via pay stubs), but I think they take $20,000 off (or full wages if less) for a second wage earner (this might only apply to the income affidavits once you are in). Also, if you have assets I think they add an amount equivalent to 2% of them to your income. So if you have $50K in a 401K/savings, they will add $1,000 to your income. Perhaps someone who has already gone through this can clarify.
EDIT: Found this "To calculate household income for these developments the adjusted federal gross income reported on the prior year's New York State income tax return is used, less any dependent exemptions, taxable social security benefits, and medical expenses that are actually claimed on the return. An additional deduction of up to $20,000 of earned income is allowed for each secondary wage earner, and a deduction of $1,000 is allowed for each household member who files a New York State income tax return and is not claimed as a dependent by another person."
Last edited by popartist; 08-01-2016 at 11:50 AM..
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How many years does it usually take?
