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Old 12-25-2013, 12:52 PM
 
30 posts, read 54,932 times
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Hey Guys. I've applied to multiple affordable housing lottery's throughout 2013. Now that the year Is coming to an end, I'm starting to hear back from some. I've already received two letters 1 from St Nicholas Park & The other from Harlem River Point South. I'm on the waiting list for both. My Question: I'm a little concerned about the bank statements & savings. In my Checking's account I have just a little over 1,000. That money Isn't mines however. It's my Grandmothers. It's a Check she received from her Life Insurance, which will go towards funeral arrangements (In The Future). I'll transfer that money to her account, & Yes I have document proof of the checks. My other concern Is the account that I'm transferring It to which is technically her account, but It's In my name for her. For an example { Jennifer Hudson for, Angela Hudson.} Are they allowed to look at that account as well? Even though It's technically not my account. I just help her with her finances since she's older and can't travel out much. Another concern. HUGE CONCERN. I have over 8,000 In my savings. It's mostly from Refund Checks from when I was In college. I never spent them, just put them In my savings. When I applied for the housing I only put checking's account on my application. Are they going to check If I have a savings? Or will they only go over my checking's account. Any advice/answers will be much appreciated.

P.S; Happy Holidays
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Old 12-25-2013, 04:18 PM
 
25 posts, read 105,394 times
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IMO just tell them the story and get a notarized statement from your grandma. Or take it out of the account.

Make sure your income and savings account do not go over the income guidelines.
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Old 12-25-2013, 11:56 PM
 
95 posts, read 311,197 times
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You will be asked to bring proof of everything. Some times they even want to know how much you are carrying in your wallet, and this is not a joke, my mother was asked how much she had on her on one of her interviews, but from what I understand your assets should not exceed $250,000 so you should be fine. The savings account will probably be a positive.
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Old 12-26-2013, 06:58 AM
 
Location: Manhattan
22,917 posts, read 30,812,816 times
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They will likely not check what you DON'T give them. But your amounts are trivial and they impute income from assets at only 2% (and even that is high given today's interest rates.)
So $10,000 in savings would only be counted as $200 extra income.
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Old 12-26-2013, 07:42 AM
 
Location: Harlem
343 posts, read 978,948 times
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from another story i heard, a lady had $600 in her savings account, and she ultimately received a letter saying she was $600 over the income limit, and i've also heard of people being asked how much money they actually had in their wallet at the time of the interview. to be honest, it really seems like a case by case basis..everyone's experience is different. BUT, i do think its best to be upfront about whatever money & accounts you do have, because if you don't and they find out later that would suck if they rejected you and it could have been avoided if you just explained it to them from the beginning. they're known to reject people for being even $20 over the maximum so don't take any chances! good luck
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Old 12-26-2013, 08:39 AM
 
7 posts, read 18,011 times
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Hi, I'm new to this list -- are you talking about rental lotteries or buying like coop or condo? How do I get info on these lotteries? Thank! Arley
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Old 12-26-2013, 09:11 AM
 
6,685 posts, read 6,646,395 times
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Quote:
Originally Posted by BellaLove View Post
from another story i heard, a lady had $600 in her savings account, and she ultimately received a letter saying she was $600 over the income limit, and i've also heard of people being asked how much money they actually had in their wallet at the time of the interview. to be honest, it really seems like a case by case basis..everyone's experience is different. BUT, i do think its best to be upfront about whatever money & accounts you do have, because if you don't and they find out later that would suck if they rejected you and it could have been avoided if you just explained it to them from the beginning. they're known to reject people for being even $20 over the maximum so don't take any chances! good luck
The money in the bank ends up being counted as 2% of your income so it wasn't because her savings had $600 that she didn't qualify. She was over still with or without the savings.
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Old 12-26-2013, 09:24 AM
 
Location: Harlem
343 posts, read 978,948 times
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Quote:
Originally Posted by livingsinglenyc View Post
The money in the bank ends up being counted as 2% of your income so it wasn't because her savings had $600 that she didn't qualify. She was over still with or without the savings.
i'm not her so idk. but she said at the interview they went over her income and said she was within the limits. then later sent her a letter saying she didn't qualify because of 600 extra dollars that came from.. thin air i guess

Last edited by BellaLove; 12-26-2013 at 09:33 AM..
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Old 12-26-2013, 10:56 AM
 
29 posts, read 61,799 times
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In helping my friends fill out lottery applications (and one got into an apt recently) and also from my experience as a tax preparer - this is what I know:
*Don't hide the saving account because they can probably figure it out. If you have $8,000 in your bank acct - you probably got or will get a 1099 with Interest earned. Interest earn goes on tax return. Now most people don't earn any or very little interest on checking account. So when housing people review your checking account bank statements and sees no interest on it but sees interest on tax return - they will inquire where that interest is comng from ... And figure you have another account somewhere.
* if your checking and savings are at same bank and they are linked, usually the bank sends you one statement with info for both on that one statement (instead of giving you separate statements) .... So if they are both in same bank - think about this.
* transferring money ... Or withdrawing money out of accounts .... hoping the housing people won't see it. Note that they will check on this - to a degree: Initially, they asked my friends for the last 3 months bank statements but as they got more into the process, they had to provide 12 months bank statements. And they questioned many deposits and withdrawals and for things they couldn't figure out, they asked for explanations of them. For example, they didn't question direct deposits of their paychecks or federal and state tax refunds but they questioned other deposits for $55 or $1,000 - wanted to know where the depoits came from and what reason. For a couple of transfer transactions, they needed explanation for why they were being transferred in or out .

Let me add - everyone .... you should provide the actual tax returns to the housing company that you filed with IRS and NYS because they can and probably will check with the IRS or NY to confirm what you gave them. This is what I hear or find people will do (not necessarily for housing.... but for other stuff) - is they will give a tax return to housing or a school with info that is different from what they actually filed when they did their taxes and sent them in. For example, on the actual tax return they filed with IRS or NYS- they will correctly put down the wages from the 2 W2s they got from 2 jobs they worked at during year but when they submit tax return to housing or a school- they will do another tax return nd omit 1 of the W2s so it won't show higher income. But the school and housing companies often request a transcript of your tax return from IRS or NY and the transcripts will show the amounts per line that was entered on actually return. So if you had 2 W2s - one for $25,000 and one for $10,000 both need to be on the tax return as a total of $35,000. But when they filed with the housing or school - they may submit a tax return with just one W2 - the one for $25,000. But the school or housing company will get transcript from IRS or the State and it will how $35,000 as income.......so dont do this.

And as others have said - the $8000 will be calculated as part of total assets and probably won't add that much to your total income. That $600 overage that person got in the letter is probably just a coincidence that it is the same amount as bank account. My friends had close to $10,000 in savings and checking bank accounts at time they applied - the money was from tax refunds and money they saved knowing they would need to move. So don't sweat that.
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Old 12-26-2013, 12:39 PM
 
Location: West Harlem
6,885 posts, read 8,695,809 times
Reputation: 3028
Quote:
Originally Posted by Arlster360 View Post
Hi, I'm new to this list -- are you talking about rental lotteries or buying like coop or condo? How do I get info on these lotteries? Thank! Arley
By doing research to find out about them.
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