80/20 housing -- any way around negative income disqualifying me? (2015, incomes)

[Beanster]

I recently learned that I have been picked in the lottery for an 80/20 building, and that I have 2weeks to get my paperwork to the building. I understand that as I'm a freelancer, they will look at the past few years, not just 2015. My 2015 income is at the top of the acceptable income range and my 2012 income is $8000 over the maximum income, but the two years in between -- 2013 and 2014 -- my income tax returns shows adjusted gross incomes of minus $30K and minus $14K. If they would be willing to consider one more year, they would see my greatest income in the last 5 years ($50K in 2011). Also, since I used to make decent money in the aughts and '90's, I actually have quite a bit in assets (so I'd always be able to pay my rent). Any advice on how I might still qualify? Or, if there's a way to get a one year postponement for my application's consideration?

[macnyc2003]

Freelance income is a harder situation to analyze than plain-old W-2 money. There are a lot of variables. My advice would be to go into the interview (or submit the paperwork) and hope for the best.

I believe that if you are denied, you will have two weeks to appeal.

The income rules are very strict, and there's no wiggle room.

As far as I know, they will not delay your application. They need to fill up the building asap. You probably could submit your name at a later time for the wait list.

Best of luck!

[BugsyPal]

Originally Posted by Beanster

I recently learned that I have been picked in the lottery for an 80/20 building, and that I have 2weeks to get my paperwork to the building. I understand that as I'm a freelancer, they will look at the past few years, not just 2015. My 2015 income is at the top of the acceptable income range and my 2012 income is $8000 over the maximum income, but the two years in between -- 2013 and 2014 -- my income tax returns shows adjusted gross incomes of minus $30K and minus $14K. If they would be willing to consider one more year, they would see my greatest income in the last 5 years ($50K in 2011). Also, since I used to make decent money in the aughts and '90's, I actually have quite a bit in assets (so I'd always be able to pay my rent). Any advice on how I might still qualify? Or, if there's a way to get a one year postponement for my application's consideration?

No, there is no way to "postpone" your application if selected.


You have two options basically; submit the required financials and continue with the application process until disqualified or approved, or withdraw on your own accord.


Personally do not recommend the latter and suggest carrying on since you've gone this far. You knew or should have known before starting the process what your income was in relation to guidelines. Developers aren't running a charity so to speak but are looking to get the lottery process over with, affordable units filled and moving on.