HDFC coop income restrictions and changing yearly median income (for sale, 2014)

[rashiki]

Hi,

Back with another HDFC question. :-)

Since the HDFC coop income restrictions are usually based on a percentage of the median income level for that year, how does your personal income level for past years come into play? Let me elaborate.

Let's say for instance that in the year 2012, you had a "calculated" income (since each HDFC seems to do their own calculative method, it sounds like) of $54,000, but the particular HDFC coop income restriction for 2012 for your family size was $53,150. Okay. So you would not have met the income restriction if you tried to purchase an apartment from that HDFC coop in 2012 because you were over by $850.

But now in 2013, let's say you still made the same "calculated" income of $54,000, but the particular HDFC coop income restriction for 2013 for your family size is now $55,000. So now, based upon your 2013 "calculated" income, you meet the income requirements for 2013.

My question is, does your 2012 "calculated" income come into play here in a way that may disqualify you for the 2013 income restriction? Since 3 years of income history are looked at, is the 2012 "calculated" income compared against the 2012 income restriction level, or are your historical "calculated" income values only compared against the current year's income restriction level?

Thanks again in advance!

p.s. - Does anyone know at what point in 2014 the new 2014 median income numbers will be applied to HDFC coops for sale? (I don't even know when the 2014 median income numbers come out.)

[NYC Subsidy Troll]

Previous years income doesn't come up if the new AMI (issued in Jan-Feb) is being used for income qualifying.

I don't know when the new AMi is used unless it is an initial offering.