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That place is a luxury apartment - I don't think there's any affordable housing there
Many if not MOST luxury apartments are built with State and Federal money, low cost mortgages, and tax breaks. As such most of them pony up 20% of their apartments as "affordable" as a govenmental requirement.
A friend has a new apartment, all marble with lobby waterfalls and gardens, on 43rd for $500. Comparable units in the building go for 5 times that much.
It all depends. If you are the only person in your household then you are not allowed to be a full time student because "all members of the household cannot be full time students with limited exceptions under the law". The exception would be that the household is on public assistance, and one or two other exceptions that I dont know off hand. If you are a student and you are on the lease with your parent or spouse who is not a full time student then you are fine, but if you are the sole person on the lease then that is not allowed. If you want, I have the rejection criteria for this building, 505 West 37th Street. I dont know if the same rules apply to other buildings but I am familiar with 505.
Hi! I was wondering if you could tell me how to get info on the 37th St apartment. How long does it normally take? I'm sure there is a huge waiting list, right? Thanks!!!
Yes. The application deadline was November 30, 2009. The interviews started in early 2010. Affordable Apartments were rented in the Summer/ Fall of 2010. From what I know, the wait list was already established from the original lottery and will not open to new appplicants until the wait list becomes depleted. This could be some time...
What is the formula for re-certification with the 145% above your original income? Say original income was $26,000. 26,000 x 1.45 = $37,700 or do you add $37,700 + 26,000 = $63,700. The way I understood it originally was the later of the two but now I am worried I got it wrong.
y are u worried about re certification? it doesnt matter how much u make. u can make a million dollars n it doesnt matter. your rent wont go up or get kick out.
80/20 buildings have to adhere to federal regulations. Each building has specific guidelines. Recertification is done to evaluate whether or not a family is still elegible for an affordable unit. Depending on the guidlines of that building, your rent can be raised, and yes there are instances when you can be asked to leave, ie all adult occupants are full time student and dont meet one of the exceptions. But to say, recertification has no bearing on anything regarding the apartment is untrue. It is a serious process and buildings usually take it seriously bc if they were to be audited by the IRS, everything needs to be in order or they can suffer consequences regarding the federal tax credits they get from feds.
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