![]() ![]() If you are not sure about your credit score, you may wish to obtain a copy of your credit report from a credit-reporting bureau such as Experian (1-88), Equifax (1-80) or Trans Union (1-80).Īll adult applicants age 18 years or older will be subject to a criminal investigation and sexual offender investigation through the Unified Court System. In the event an application is rejected based on a credit report or credit score, the application fee will not be refunded. The guarantor must possess an annual income that exceeds $75,000 and a FICO credit score of at least 700.00. Any application that receives a credit score below 650 will be rejected.įor seniors who do not meet income requirements, we will consider your application provided you meet the rest of our criteria and you can provide a guarantor. East River Landing (1199 Housing Corp.) expects applicants to achieve a credit score of 650 or greater. (HUD).Īll applicants are subject to a credit investigation that will include a FICO credit score. PLEASE NOTE: All Equity, Basic Maintenance and Fair Market Value are subject to change at the discretion of 1199 Housing Corporation and the Department of Housing and Urban Development. The additional amount will be calculated at the time the shares allocated to the apartment are sold. ** There will be added to equity, an amount equal to the mortgage amortization that is payable for the apartment. All other applicants whose income is above the minimum will pay either 30% of their annual income or Fair Market Value (to be determined). Basic Maintenance applies only to persons who have minimum income. Minimum income required refers to the total gross income for all household wage earners. Internal Transfers: After a shareholder accepts a unit, the above Equity and Amortization payment is required within seven (7) business days.įailure to make said payment within the required time frame will result in the apartment being assigned to the next eligible shareholder/applicant on the list.ĬOMBINED INCOME CANNOT EXCEED THE AMOUNT INDICATED BELOW WITHIN FAMILY SIZE PER APPLICATION Failure to comply will result in the disqualification of both applicants.New Applicants: Once your application has been processed and approved by the NYC-Department of Housing Preservation & Development (HPD), the above equity & amortization payment is required within seven (7) business days. An applicant whose name is selected in a lottery cannot be included in the family composition of any other applicant who is selected in the same lottery for that particular housing company development.However, if they are selected for more than one lottery, they will have to choose which waiting list they prefer. If applicants have the right family composition, they can apply to more than one lottery. Applicants can only be on one waiting list at a development.If applicants enter on-line and also mail in a letter or postcard, they have submitted a duplicate request and will not be eligible for the lottery. An applicant can only submit a paper entry or an on-line entry. Any applicant placing a duplicate request will not be entered into the lottery. Any applicant that does not have the proper family composition will automatically be disqualified.Preference will be given to documented veterans selected in the lottery that are NY State residents only.Applicants must be financially responsible.Applicant must be at least 18 years old at the time of the lottery. ![]() (FAILURE TO COMPLY WITH ANY OF THE FOLLOWING WILL RESULT IN DISQUALIFICATION) ![]()
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