A Mitchell-Lama Housing Cooperative in NYC
APARTMENT PRICES AND INCOME REQUIREMENTS
Studio, 1-Bedroom, 2-Bedroom, 3-Bedroom & 4-Bedroom Duplex
Cooperative Apartments
|
No. of Bedrooms |
2018 Equity Plus Amortization (SALES PRICE) |
Maintenance Range (30% of Gross Household Income or Fair Market Value-Whichever is Greater) |
||
|
July |
August |
September |
||
|
Studio |
$6,507.00 |
$6,507.00 |
$6,507.00 |
$527.00 - $712.00 |
|
Studio w/Terrace |
$7,041.00 |
$7,041.00 |
$7,041.00 |
$604.00 - $816.00 |
|
One Bedroom |
$8,677.00 |
$8,677.00 |
$8,677.00 |
$680.00 - $918.00 |
|
One Bedroom w/ Terrace |
$9,676.00 |
$9,676.00 |
$9,676.00 |
$773.00 - $1,044.00 |
|
Two Bedroom |
$11,142.00 |
$11,142.00 |
$11,142.00 |
$860.00 - $1,162.00 |
|
Two Bedrooms w/Terrace |
$11,701.00 |
$11,701.00 |
$11,701.00 |
$916.00 - $1,237.00 |
|
Three Bedrooms |
$13,308.00 |
$13,308.00 |
$13,308.00 |
$1,010.00 - $1,365.00 |
|
Three Bedrooms w/Terrace |
$13,602.00 |
$13,602.00 |
$13,602.00 |
$1,070.00 - $1,445.00 |
|
Four Bedroom |
$14,070.00 |
$14,070.00 |
$14,070.00 |
$1,169.00 - $1,580.00 |
|
Four Bedrooms w/Terrace |
$14,306.00 |
$14,306.00 |
$14,306.00 |
$1,206.00 - $1,629.00 |
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.
Internal Transfers: After a shareholder accepts a unit, the above Equity and Amortization payment is required within seven (7) business days.
Failure 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.
|
No. of Bedrooms |
Family Size |
Basic Maintenance |
Fair Market Value |
Equity |
Minimum Income Req’d |
|
Studio |
2 |
$527.00 |
$712.00 |
$1,571.00 |
$17,240.00 |
|
Studio w/Terrace |
2 |
$604.00 |
$816.00 |
$1,700.00 |
$19,760.00 |
|
One Bedroom |
3 |
$680.00 |
$918.00 |
$2,095.00 |
$22,240.00 |
|
One Bedroom w/ Terrace |
3 |
$773.00 |
$1,044.00 |
$2,336.00 |
$25,280.00 |
|
Two Bedroom |
4 |
$860.00 |
$1,162.00 |
$2,690.00 |
$28,120.00 |
|
Two Bedrooms w/Terrace |
4 |
$916.00 |
$1,237.00 |
$2,825.00 |
$29,960.00 |
|
Three Bedrooms |
7 |
$1,010.00 |
$1,365.00 |
$3,213.00 |
$33,040.00 |
|
Three Bedrooms w/Terrace |
7 |
$1,070.00 |
$1,445.00 |
$3,284.00 |
$35,000.00 |
|
Four Bedroom |
8 |
$1,169.00 |
$1,580.00 |
$3,397.00 |
$38,240.00 |
|
Four Bedrooms w/Terrace |
8 |
$1,206.00 |
$1,629.00 |
$3,454.00 |
$39,440.00 |
Federal Maximum Income Limits
COMBINED INCOME CANNOT EXCEED THE AMOUNT INDICATED BELOW WITHIN FAMILY SIZE PER APPLICATION
|
1-Person |
2-Persons |
3-Persons |
4-Persons |
5-Persons |
6-Persons |
7-Persons |
8-Persons |
|
$91,250.00 |
$104,375.00 |
$117,375.00 |
$130,375.00 |
$140,875.00 |
$151,250.00 |
$161,750.00 |
$172,125.00 |
Minimum income required refers to the total gross income for all household wage earners. Basic Maintenance applies only to persons who have minimum income. All other applicants whose income is above the minimum will pay either 30% of their annual income or Fair Market Value (to be determined).
AMORTIZATION
** There will be added to equity, an amount equal to the mortgage amortization that is payable for the apartment. The additional amount will be calculated at the time the shares allocated to the apartment are sold.
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. (HUD).
APPLICANT SCREENING CRITERIA
Credit Score
All applicants are subject to a credit investigation that will include a FICO credit score. East River Landing (1199 Housing Corp.) expects applicants to achieve a credit score of 650 or greater. Any application that receives a credit score below 650 will be rejected.
For 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. The guarantor must possess an annual income that exceeds $75,000 and a FICO credit score of at least 700.00.
In the event an application is rejected based on a credit report or credit score, the application fee will not be refunded.
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 (1-888-397-3742), Equifax (1-800-525-6285) or Trans Union (1-800-680-7289).
Criminal Investigation
All adult applicants age 18 years or older will be subject to a criminal investigation and sexual offender investigation through the Unified Court System. Should your application be rejected based upon the criminal investigation conducted on you or anyone listed on your application, the criminal investigation fee will not be refunded. The criminal investigation fee is NON-REFUNDABLE.
Home Visit
All applicants will be subject to a Home Visit. Everyone listed on the application must be home when the visit is conducted, and photographs will be taken of each household member. Please be advised that in addition to Eligibility Requirements, Credit Score, and Criminal Investigation(s), a satisfactory Home Visit must be achieved.
In The Event That Any One of These Criteria Is Not Met,
Your Application Will Be Subject To Rejection.
FINAL APPROVAL AND PURCHASE OF SHARES
All eligible applications that fully meet the screening criteria must also receive final approval from the New York City Department of Housing Preservation & Development (HPD). Should HPD approve your application, THE EQUITY AND AMORTIZATION PAYMENT (SALES PRICE OF SHARES FOR AN APARTMENT) IS REQUIRED WITHIN SEVEN (7) BUSINESS DAYS AFTER THE DATE OF APPROVAL. Only bank certified checks or money orders are accepted for payment.
After shares are purchased, prospective shareholders will be enrolled in the next available orientation.
THE ORIENTATION IS VERY IMPORTANT-ALL PROSPECTIVE SHAREHOLDERS MUST ATTEND.
If a prospective shareholder does not attend orientation, 1199 Housing Corp. will not allow them to schedule a closing/move in date.
NO PETS ARE ALLOWED at East River Landing/1199 Housing Corp.
The Cooperative does not provide appliances or repairs appliances. Appliances and the repair of appliances are the responsibility of Cooperators.
All fees and investigations will be collected/conducted when your application number is called and you are offered an apartment. DO NOT SEND FEES WITH APPLICATION.
Please see HPD Occupancy Standards listed below:
|
NO. OF BEDROOMS |
FAMILY OCCUPANCY SIZE REQUIREMENTS
|
|
Studio |
|
|
Studio w/Terrace |
|
|
One Bedroom |
|
|
One Bedroom w/Terrace |
|
|
Two Bedrooms |
|
|
Two Bedrooms w/Terrace |
|
|
Three Bedrooms |
|
|
Three Bedrooms w/Terrace |
|
|
Four Bedrooms |
|
|
Four Bedrooms w/Terrace |
Applicants must show that they meet occupancy standards at the time that the request to be placed on the waitlist is made. The standards are also applied without regard to pending/projected birth or adoption of a child.
If there is a change in your household composition after your application is submitted that would garner you eligible/ineligible for another/the unit size originally requested (and you wish to switch to another waitlist). You may do by submitting written notice to the 1199 Housing Corporation Sales Department notifying them of the change in your household composition.
If the sales department is not notified and you do not meet the minimum occupancy standards required your application will be subject to rejection.
VETERANS PREFERENCE
Summary of Civil Service Law Section 85 Definition of Veteran
Eligibility
Veterans eligible for the preference are those who:
a) Were members of the Armed Forces of the United States;
b) Served on active duty for the other than training purposes in time of war;
c) Were discharged honorably or released under honorable circumstances;
d) Are residents of New York; and
e) Have documented their eligibility by submitting Form DD214 (NAVPERS-553/NAVMC-78PD/WDAG-53, 98) and for service in Lebanon, Grenada, or Panama, the award of an appropriate expeditionary medal.
Time of War includes the following wars and hostilities:
Persian Gulf Conflict August 2, 1990- the date which such hostilities end (includes the Global
War on Terrorism)
*Hostilities in Panama December 20, 1989 - January 31, 1990
*Hostilities in Lebanon June 1, 1983 – December 1, 1987
*Hostilities in Grenada October 23, 1983 – November 21, 1983
[* Service during these periods is qualifying only if the veteran received the armed forces, navy, or Marine Corps expeditionary medal.]
Vietnam Conflict December 22, 1961 – May 7, 1975
Korean Conflict June 27, 1950 – January 31, 1955
Service in the commissioned corps of the US Public Health Service:
July 29, 1945- September 2, 1945 or
June 26, 1950 – July 3, 1952
World War II December 1941 – December 31, 1946
World War I April 6, 1917 – November 11, 1918
1199 Housing Corporation has a closed waiting lists for all of our apartments. If you are a new applicant, click on the NYC Department of Housing Preservation & Development website for more information.
Current 1199 residents that wish to transfer to a new apartment should log into our Resident Portal, click on the Documents button and open the “Internal Apartment Transfer” folder to find the Transfer forms.
