FAQs

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Contact Information

This web site has no mailing address or phone number on purpose. We will answer questions and process applications during the open house, every Thursdays, October 3rd to October 31st, from 6 PM to 8 PM. With few units left the applications will be accepted until all apartments are sold. First come first served basis.

Payment and Fees

No payment should be given to anyone in connection with the preparation or filing of applications. No broker or application fees may be charged. If your application is selected for further processing, a non­refundable credit check fee may be collected by the management company at that time. The fee for households with 1 or 2 adult household members is $50. The fee for households with 3 or more adult household members is $75.

Income Eligibility

Please review the chart in the project advertisement which breaks down the mandatory income levels for the HPD housing program of the project you are applying to, based on household size. List all current income sources for all household members on the application. In general, gross income is calculated for most applicants, except that net income is analyzed for self-employed applicants.

Other Eligibility Factors

In addition to the income requirements, other eligibility factors will be applied. Eligibility factors may include, but are not limited to:

  1. Criminal Background Checks
  2. Qualification as a Household - the Agency's housing programs are designated for individuals, families and households who can document financial interdependence as a household unit. These affordable programs are not intended for 11roommate situations" and so such applicants may not be eligible under this household criterion.
  3. Continuing Need - Applicants to HPD's affordable housing programs must demonstrate a continuing need for housing assistance through an analysis of their assets and recent income history.
  4. Property Ownership -No member of the applicant household may currently own any residential property, including shares in a co-op.
  5. Asset Limits - There is a limit to the amount of total household assets allowed (excluding specifically designated retirement and college savings accounts). For a one-bedroom unit the asset limit is $230,763.10. For a two-bedroom unit the asset limit is $237,603.60.
  6. Credit history - Marketing agents and lenders evaluate credit history to determine if you may qualify for a private mortgage and, if so, what the terms of the mortgage may be.
  7. Seasoned" down payment funds - There may be rules about how long some or all of your down payment money has to be in your bank account prior to purchase. Three to six months is a common amount of time.

Primary Residence Requirement

Any applicant ultimately approved for this development must maintain the new home as their sole primary residence. If approved for an affordable housing unit, the applicant must surrender any unit where applicant is then currently residing. Each member of the applicant's household who leases rental residential real property must terminate the lease for and surrender possession of such rental property on or before the purchase date for a homeownership affordable unit. For a homeownership affordable unit, the applicant must agree to continuously occupy the affordable housing unit as his or her sole primary residence, residing there no less than 270 days per year, with the exception of days spent on active military duty or subleasing {where permitted by the project's regulatory documents).

Submission of False or Incomplete Information

Prospective applicants should be aware that this is a governmentally assisted housing program. The submission of false or knowingly incomplete information {either in this application or in any subsequently provided verification documents) will not only result in an applicant's disqualification, but will be forwarded to the appropriate authorities for further action - including the possibility of criminal prosecution. All paperwork and documents submitted by applicants are subject to review by the New York City Department of Investigation, a fully empowered law enforcement agency of the City of New York.

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