80/20 income calculation (low income, employment, calculated)

[NYC refugee]

I just read on another thread that in Mitchell-Lama housing, if you have assets, they will add 2% of them to your income to see if you still remain below the maximum income guideline. I have a very low income which disqualifies me from most 80/20 application requirements. I'm wondering if maybe I don't know all I need to know about how they gauge income. Does anybody know all the ins and outs?

[Kefir King]

You pretty much have it: all income + 2% of assets.

[macnyc2003]

As far as I know, for 80/20 housing, they ask you to bring in recent pay stubs. I can't remember if they want four pay stubs or six. Whichever it is, they average them and project a total for the year. There is a marketing guide floating around the internet that spells all this out. Plus, W-2 income is handled differently than 1099 income. It's pretty strict.

Also, from your point of view, not all the 80/20 have the same income requirements. So don't give up.

[Moving415]

I believe the 2% has become 0.006% -- imputed income from assets.

[macnyc2003]

I believe the figure is 0.06%, but I'm sure someone here will know.

Bottom line, OP, it doesn't hurt to apply to the 80/20 housing. If you get called, then you can deal with the financials.

I have reposted this explanation, by Wiivile, on how income is calculated a couple of times because it's the clearest I have ever seen. As stated before, you will be handing in your six most recent pay stubs:

They will calculate employment income several different ways and take the highest:

1) They will average the six paystubs and multiply by how many times a year you get paid.

2) They will take the "year to date" on your most recent paystub and project it for a full year.

3) They will look at the income reported on last year's tax returns.

4) They will look at your employment verification letter which is supposed to state your base rate of pay as well as any overtime, bonuses, or raises expected.

Of all of these four, they will take the highest and use it as your annual income. If any of these are over the limit, you will be disqualified.

[Moving415]

You're right, it's 0.06 -- made a typo, but here's the official link: https://www.nhcinc.org/Blog/tabid/92...m-2-to-06.aspx

[Kefir King]

Originally Posted by Moving415

You're right, it's 0.06 -- made a typo, but here's the official link: https://www.nhcinc.org/Blog/tabid/92...m-2-to-06.aspx

In the interests of precision, .06 is 6%. SO then you mean .06%, right?
That's important to me because we live on Social Security and savings, so we have low income, good savings. At .06%, even savings of a half million will only raise annual income by $300, a pittance.

[Moving415]

Originally Posted by Kefir King

In the interests of precision, .06 is 6%. SO then you mean .06%, right?
That's important to me because we live on Social Security and savings, so we have low income, good savings. At .06%, even savings of a half million will only raise annual income by $300, a pittance.

Yes, I meant .06%. Apologies for any confusion.

[Moving415]

There is an asset cap of $250,000, but retirement accounts, according to HDC/DHP marketing guidelines (found easily online), are not included in this cap-- I mention this because many of the managing agents are poorly informed on that fact, at least in my experience. If you're drawing on retirement funds, the distributions are added to income, and they are part of that .06%, but they're not included in that $250,000 cap. Maybe everyone knows this, but I've come up against managing agents maintaining otherwise.

[greys822]

hey! i have a question, if anyone can help.... i am going on an interview for a lottery soon and the document list states to bring a public assistance budget letter...what do they use the budget letter for? Income? also I'm only getting snap benefits, no cash assistance, is that still considered public assistance or snap benefits?



thank you