This does not include medical debt or student loans. Developers can reject an applicant if they have unsatisfied delinquencies and collections that exceed $5,000. However, the monetary threshold for delinquency has been raised, and doesn’t just focus on bills that are overdue. While the importance of a credit score has eased up, delinquency or failure to pay an outstanding debt can hurt your chances of winning.
Being Late in Paying Bills or Simply Not Paying It has been the most important change we’ve made in the last year.” 3. “People tend to pay rent before any other debt.
“We’ve removed the debt-to-income ratio altogether,” explains Brown. The de Blasio administration feels credit scores are not the best indicator to tell whether or not someone can pay rent. A big change is that developers can no longer use an applicant’s credit score as the sole reason to deny their application. That’s because in 2016, Mayor de Blasio enacted some new rules to help level the playing field for applicants who may have fallen on hard times in the past. Having a good credit score is certainly helpful for renting in NYC, but it is not as scrutinized in the housing lottery application process as it was in the past. Here is tip sheet on what qualifies as income. When applying to a housing lottery, you need to account for ALL of your income sources. Income can be gift money, child support or other assets like bonuses, commissions and investment portfolios. Yes, that’s certainly a huge chunk of it. Most of us assume annual income is just the listed wages on our W-2 form. When applying for a lottery, it’s no secret your eligibility will largely depend on your income. According to NYC Department of Housing Preservation and Development’s Associate Commissioner for Housing Opportunity and Program Services Margy Brown, here are four main setbacks that can hinder your NYC Housing Lottery application. While there are many reasons an application could end up in the rejection pile, there are a few recurring themes that rise to the top. In fact, the odds of winning are 1 in 592, which means many applicants will be denied, even after making it through the initial selection round. Thousands of applicants apply for a single lottery and many times, there are just a few apartments made available for each lottery. Entering NYC’s housing lottery process can be a bit daunting to say the least.
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