|
05-23-2012, 10:31 PM
|
|
|
|
88 posts, read 254,285 times
Reputation: 45
|
|
|
I've been trying to find out as much info as possible. I came across mitchell lama housing and found out that they charge 30% of your income but can there be a maximum to what the rent could be? (if your income is under the restrictions, lets say 50k?)
Does anyone know?
Also what would happen to your rent if your income went to 100k?
|
|
05-23-2012, 11:39 PM
|
|
|
|
30,339 posts, read 43,513,999 times
Reputation: 12866
|
|
Quote:
Originally Posted by nyc1986
I've been trying to find out as much info as possible. I came across mitchell lama housing and found out that they charge 30% of your income but can there be a maximum to what the rent could be? (if your income is under the restrictions, lets say 50k?)
Does anyone know?
Also what would happen to your rent if your income went to 100k?
|
I live in Mitchell-Lama.
Depending on what you make, you fall into a bracket. If you make above the maximum, you get hit with a surcharge depending on how high above the bracket you are. |
|
05-24-2012, 04:17 AM
|
|
|
|
Location: Bergen County, NJ
9,855 posts, read 24,347,855 times
Reputation: 3607
|
|
|
If anyone could shed some knowledge on how mitch lama coops work that would be much appreciated...
|
|
05-24-2012, 07:44 AM
|
|
|
|
Location: Manhattan
24,714 posts, read 34,681,615 times
Reputation: 12240
|
|
|
There is a base rent that almost everyone pays, no matter how poor, unlesss you have rent increase exemptions (SCRIE, DRIE, etc.) Then there is a surcharge that almost all pay in its entirety with income around the 20-25K mark. I assume the amount of surcharge is dependent on the exact income between destitution and that 20-25K figure.
The base + the surcharge is defined as "market rent" (not to be confused with REAL market rent which can be many times this amount.
I have it on authority that nothing further happens until you get around the 100K mark when another 50% surcharge can be applied but I don't know if that is on the BASE or on the BASE + SURCHARGE, aka "market rent."
I am not an expert on the topic but reasonably versed in it, so don't consider the above absolute GOSPEL.
Individual complexes can differ in small varying ways but I think all follow the same basic structure. I also imagine there are difference between ML rentals and ML co-ops.
nyc, I think you are pretty close to accurate when you state "lets say under 50K" because that is close to what I think it is to get in. Maybe it is geared towards MEDIAN household income in NYC. Seems logical that would be the choice MacNeil Mitchell and Albert Lama made so many years ago...to gear apartments to the absolute middle income mark and below.
Last edited by Kefir King; 05-24-2012 at 07:52 AM..
|
|
05-24-2012, 11:00 AM
|
|
|
|
208 posts, read 449,839 times
Reputation: 161
|
|
|
Ok so this program is geared to those making in the 20s-30sk then right?
|
|
05-24-2012, 11:10 AM
|
|
|
|
Location: Bergen County, NJ
9,855 posts, read 24,347,855 times
Reputation: 3607
|
|
Quote:
Originally Posted by nycangel
Ok so this program is geared to those making in the 20s-30sk then right?
|
Not necessarily, I think it depends on the neighborhood. I just saw one today for a building in Murray Hill area. The limit there was up to 50 something for two people... |
|
05-24-2012, 11:18 AM
|
|
|
|
43 posts, read 194,878 times
Reputation: 19
|
|
Quote:
Originally Posted by NooYowkur81
Not necessarily, I think it depends on the neighborhood. I just saw one today for a building in Murray Hill area. The limit there was up to 50 something for two people...
|
What building is this? Could you tell me where you saw this listing @ |
|
05-24-2012, 12:01 PM
|
|
|
|
88 posts, read 254,285 times
Reputation: 45
|
|
|
I heard that there is a rent cap so i'm curious to know what that means as well
|
|
05-24-2012, 12:09 PM
|
|
|
|
Location: Bergen County, NJ
9,855 posts, read 24,347,855 times
Reputation: 3607
|
|
Quote:
Originally Posted by xxbkshorty
What building is this? Could you tell me where you saw this listing @
|
It was in today's AM or Metro |
|
05-24-2012, 12:12 PM
|
|
|
|
88 posts, read 254,285 times
Reputation: 45
|
|
Quote:
Originally Posted by SeventhFloor
I live in Mitchell-Lama.
Depending on what you make, you fall into a bracket. If you make above the maximum, you get hit with a surcharge depending on how high above the bracket you are.
|
how can i find out what the bracket is (family of 3) and is there a maximum the rent can be? if it goes above a certain amount, doesnt seem worth it to me |
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
