U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-31-2013, 10:04 PM
 
14 posts, read 54,817 times
Reputation: 11

Advertisements

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.)
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-26-2014, 07:36 PM
 
29 posts, read 75,418 times
Reputation: 15
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.
Rate this post positively Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top