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I was approved for an apartment and passed the initial interview plus 2 credit checks. Somewhere during that process my husband was laid off and we began collecting unemployment and I picked up a PT job. our income is pretty much the same. Will we be disqualified now that we are collecting unemployment?
I don't think this is true of my building. I believe you can only make 145% or 170% of your original income. Is every building different? flosolj20 I hope you are right but I don't think so in my case. Does anyone know exactly? If I knew for sure it would go up to market value I would start looking for a new place now. Thanks for the help!
Pancheto,
Do you happen to know how they figure it out? I think they either said you can make 145% or 170% above the median income but I believe they mean the maximum income when I originally qualified. How long will they give me to move out after I don't meet the income requirements. I simply can't sleep at night wondering if I will be kicked out or if they will give me time to find a new place or perhaps it won't matter how much I make. Does anyone know the answers to these questions? I have one friend who is in the 80/20 program and once he got in he can win the lottery and all is good but I think my building is different.
thanks!
A bit of info that some of you might find informative:
IF a building takes only State and City money then it can discriminate in favor of State residents. IF however, the developers take FEDERAL money (sometime callled 236 funds, or a raft of other names) they CANNOT discriminate on the basis of state of residence.
The following website may be helpful. I know 505 west 37th is regulated by HPD and the website is for HDC buildings, it is still very helpful as HDC is a subdivision of HPD.
For example lets say the max income for 1 person for 1 bedroom is 30k. Your income cannot be more than 140% or 170% of the max income which would be 140% of 30k which would be 42,000. or 170% of 30k which is 51,000.
If your income rises above these values, the apartment is no longer considered a "low income apartment", as the individual is no longer considered low income.
I don't know how long they would give someone to move if they no longer qualified but it would have to be at least 30 days
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[SIZE=4]M[/SIZE]Insert the maximum income limit for the household at the time of their recertification (140%). This amount is the 140% of 40%, 140% of 50% or 140% of 60%, not the current 40%, 50% or 60% income limit. [/SIZE][/SIZE]
Does anyone understand what that means?
Anyways, I do not think that you can be summarily evicted if you income goes high for a year...I think there is a provision for a rent increase higher than one might ordinarily pay but less then an increase to market.
Governmental agencies don't want people thrown out on the streets because hubby got a promotion so common sense weighs in on the regulations.
But my operative word here is "THINK" becasue I do not know for sure.
I know in some other programs, a substantially higher income results in a supplemental rent surcharge as long as the high income perrsists...but not an eviction
The thing about 80/20 buildings is private devlopers receive grants and tax breaks in the millions sometimes hundreds of millions depending on the building to follow the federal guidelines in terms of keeping the apparmtents as affordable housing for low income tenants. What I do know is if the developers gets audited by the feds or irs and it is found out that they are not follwing the guidelines or renting affordable units to people who do not qualify, the developer can lose their grants and tax breaks. This is part of the reason why the application process is so rigorous because if all the t's are no crossed and all the i's are not dotted it could have a negative financial implication for the developer. These developers do not rent these apartments at affordable rates out of the kindness of their hearts, they do this because they are getting something in return and really don't care that much about low income people.
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