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My mother has been living in NYCHA since 1956. Just recently, after being on a waiting list for approved transfers, for a bigger apartment (two to three bedrooms), to accommodate my mother who is 89 years old, my son who is Bipolar and I who is a disabled Veteran, were finally offered one two days ago, in which we approve.
Back in 1956 my mother paid a security deposit for a three bedroom apartment of $ 25.00. Many years later she was transferred to a two bedroom apartment. In the new three bedroom apartment the rent is above $1,000.00 a month requiring a rent deposit of $1,000.00.
The rent is affordable but we must pay the difference between the two rents plus the $1,000.00 security deposit upon receipt of the keys to the new apartment, in a few days. My mother and I live on fixed incomes from social security widow’s benefits and disability benefits respectfully. My son is gainfully employed drawing the highest salary.
My first question is in regard to the security deposit. Do security deposits given to NYCHA go in an escrow account and draw interest? Secondly…If we can’t come up with the money when the apartment is ready for occupancy do we lose out on the opportunity or is it possible to work something out with NYCHA paying more until we make up the security deposit?
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