Mitchell Lama Question (Otto: apartment, rental, credit check)

[lmfljr]

Hi !!

This is my first post. My family (my parents and i) will have interview soon for mitchell-lama two bedroom in manhattan.

I would like to know how to calculate the asset? Cause i have stock and the market value is about $62000 now.

Thanks..

[Kefir King]

You just list the assets and they take 2% of them and add it to your income...so they would add $1240 to income. Now where it gets dicey, if you reported income from these assets on your tax forms make sure they adjust for that or they are counting it twice.

My guess is to report the higher of actual dividends and capital gains actually taken and that 2% figure. Unless you are talking to a real cretin, they should understand what you are talking about.

But don't let them count it twice especially if you are near the upper limit. (But if you are flirting with the BOTTOM of the range, let them count it as often as they wish. )

[lmfljr]

thanks for your reply. Do you know how to check their max income limit?

The mitchell-lama apartment is confucius plaza in new york.

[Kefir King]

So how long did it take to get to the top of the waiting list?

I once had an aquaintance who lived on one of the top floors in a gorgeous 3 bedroom apartment in CP. Both his parents died and his sister moved out and he had this magnificent sprawling place to himself and was paying bupkis. The view was to die for, like 40 stories above the Brooklyn Bridge. There was talk of them trying to get rid of him but he didn't seem very worried about it and remained there for a couple years that I knew him. Of course, he was Chinese.

If they open the waiting list they will advertise the income limits, but it won't likely be opening any time soon. They all differ a bit but my guesstimate is that the top limit for 3 is someting like 60K, give or take several thousand.

Why not call them to find out exactly because you don't want to miss out on such a spectacular once in a lifetime deal by overstating income by a couple thousand. Make sure to find out whether they take federal funds or only state funds.In the first case HUD income limits apply, in the second it is HPD income limits. It's a little hairy so be careful.

There is a list that indictes which ML's are federally mortgaged and which are not...but I cannot lay my hands on it at the the moment. Perhaps someone else has it in his FAVORITES list.

Perhaps SeventhFloor will weigh in on this...he is pretty knowledgeable about Mitchell Lama.

[lmfljr]

Thanks for all helps above, i have get approved and i already moved in. very nice view up there and i can see all manhattan at living room and manhattan bridge and brooklyn bridge in two bedroom.

For king: I have been wating for like 6 years. I remember i mail out the post card on 2008 and my waiting number is 1xx. My friend's number is 2xxx.....

[bill83]

Wow. Good for you. Is it rental or coop? What if you double you income next year, can you still live there?

[jasnery]

I applied in 2009 and now I am #19 I wonder how long it will take. When I first applied I was #144..what do they ask in the interview?

[post67]

you are a lucky dude! Where do you get the application form to apply for that building? Is it still open?

[Kefir King]

Congratulations to you Imfljr,

Hmmm, how did I miss that open waiting list in 2008?

(Perhaps I'll see you at WoHop's for lunch, I go frequently. )

I applied in 2009 and now I am #19 I wonder how long it will take. When I first applied I was #144..what do they ask in the interview?

jas,
I'm gonna guess it will be year's wait for you.
They want family size and INCOME from everyone who will be living there...also assets of everyone. They will also run a credit check on every adult.
They will also do a housing inspection, so have everyone there and try to avoid livestock in the living room.
(I never cleaned so much in my life.)

One inspector told me that he had just been to an apartment that had TIRES ON THE BED! :

[jasnery]

thank you so much for your reply.