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I was filling out an application for my parents for an affordable apartment lottery. However, the application asks if they have disposed of any property in the past two years and what was it disposed for ($).
A year ago, my parents gifted their house to my brother and I. They are now living in that house rent free.
Would that automatically disqualify them? Would it be better if I was charging them a fair rent?
They seem to fit the other eligibility requirements though. If anyone can help it would be greatly appreciated. Thanks.
Also they ask about their assets, but as far as I can tell, assets are never considered for eligibility requirements, is that correct?
A year ago, my parents gifted their house to my brother and I. They are now living in that house rent free.
They are sadking tthe question to dee if one is hiding assets. Usually assets are counted as earning 2% of their value as annual income. Thus a half million dollar home would add an imputed $10K to income. In SOME cases there is an additional asset limit.
So assets dumped in the last 2 years would be looked on with a jaundiced eye.
Also a lot of these affordables are NOT available to people who own real estate and even the Federal governemt usually looks on a gift of a house with the ability to continue living there as no gift at all.
I think that if you mention this home deal it will disqualify them pretty fast whether you are charging them rent or not.
I was filling out an application for my parents for an affordable apartment lottery. However, the application asks if they have disposed of any property in the past two years and what was it disposed for ($).
A year ago, my parents gifted their house to my brother and I. They are now living in that house rent free.
Would that automatically disqualify them? Would it be better if I was charging them a fair rent?
They seem to fit the other eligibility requirements though. If anyone can help it would be greatly appreciated. Thanks.
Also they ask about their assets, but as far as I can tell, assets are never considered for eligibility requirements, is that correct?
Thanks in advance.
If their house value is worth more than 250k then your disqualified no matter what. Sorry but you cant exceed the $250k asset limit
If their house value is worth more than 250k then your disqualified no matter what. Sorry but you cant exceed the $250k asset limit
Does that rule apply to a specific program?
I asked if there was a limit and they told me that it's not an automatic disqualification. I guess she could have been lying, but this is not through HPD, so maybe it's different?
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