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I have three questions. When me and my son moved into my 80/20 apartment, I was earning $23K. I've been in my apartment for 3 years. Now, I earn $57,600 yearly and I am eligible for OT, so I may bring home about $61K depending on how much OT I can get which varies weekly and is not always an option. I also get an annual bonus of $2500 which is taxed more than half. I only received $1200 of my bonus after taxes, smh. The income is not my concern because I know they do not disqualify you for making more money once you are in the apartment (this is questionable though because I was told that you cannot make over $100K, so I'm still confused here).
Anyway, I have $18K in my 401K retirement account which would be considered an asset. Nothing saved in my checking account and I do not have a savings. Although my rent is low, I am still living paycheck to paycheck because childcare and other expenses are killing me and as I stated OT is not always available to me plus $57,600 with a child is not really a lot of money in NYC, so I do my best to contribute 10% of my pay to my 401K. At least, I have that which I plan on using to purchase a condo in the future and to pay off any credit card debt.
When re-certifying annually, is there a max amount you can have in your savings or 401K that will disqualify you from the apartment?
Last year when I re-certified, I had $10K in my 401K and did not have any issues and received my re-certification. As I save more money every year, I'm becoming concerned because I do not want to risk losing my apartment because I am being financially prudent. I have a son and it is hard enough taking care of him, I would hate to end up homeless because of a retirement account, lol.
Also, if I apply to another 80/20 apartment in the future because my income is eligible, but I also earn OT, does this automatically disqualify you? Can you make OT?
If you are currently in an 80/20 apartment (one bedroom for example), but want to transfer to a two bedroom in the same building, can you do this? I've been trying to get into a 2-bedroom and my management office is not being clear on what I need to do, although, I sent numerous letters requesting to be put on the wait-list.
Please help me understand. I feel like the management office purposely keeps this information from tenants as no one is really clear on what keeps you in the apartment or disqualifies you.
Hi, sorry, I just want to ask another question.
If you receive another building's interview, is it ok you transfer to another building when you reside in afforable building already?
Yes, you can move to another affordable housing building if they approve you. You are not restricted to only one, especially if you are approved. I think the only thing is you are unable to be on two leases in NY at the same time and you want to make sure you give your current Landlord enough notice to avoid being charged for rent.
Don't worry, they don't care how much you make. Once you're in, you're in for life
As for applying to other developments, they will go by your current income. As long as you fit the guidelines, your good.
Also, if I apply to another 80/20 apartment in the future because my income is eligible, but I also earn OT, does this automatically disqualify you? Can you make OT?
If you are currently in an 80/20 apartment (one bedroom for example), but want to transfer to a two bedroom in the same building, can you do this? I've been trying to get into a 2-bedroom and my management office is not being clear on what I need to do, although, I sent numerous letters requesting to be put on the wait-list.
As I understand it, to transfer to another apartment, you still need to be within the income band, the same as a first-time renter did (with any approved rent-stabilized increases counted in).
If you were making $23,000 a year when you rented your apartment and now make $57,000, I don't see how you would possibly qualify, unless there is a higher income band in the building that you fit into.
I believe these buildings are required to maintain a waiting list to fill any affordable vacancies. I don't know why your building is giving you the runaround.
To answer your other question, your OT may be a problem, judging from others' experience. Even people who have swore up and down that yes, they did OT in the past but no, there will be no more OT have been denied.
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