The number that really matters is your projected income for the current fiscal year. However, that cannot be the sole determinant of your qualification. Most agencies will start with your average income since that is a more straightforward calculation. Your projected income for the current fiscal year.
The average of your net income from the past three years of tax returns, and.That history is determined by two measures: Contract and freelance workers, however, need to provide three years’ worth of history.
I quickly learned my chances for success were very much connected to my financial history and my ability to articulate it, which meant I had to take a few things into consideration that others may not need to.ĭo you need help sorting out your finances? Sign up today for one of our FREE workshops! Step One: Determine your long-term annual income.Įveryone who applies to the housing lottery must submit their income history so that the city and developer can make sure you can afford the listed rent. Getting your number drawn in the lottery is only the beginning of a long process, especially if your income situation is more complicated. Before I could move into my new affordable apartment, however, my application was rejected - twice. After all, there are more than 72,500 self-employed workers in Brooklyn alone.Īs a freelance artist based in Fort Greene, I started applying to the affordable housing lottery in February 2016 when I learned that I would need to leave my home of six years. Finding a home through the city’s housing lottery is just as much an option for you, even if it might take a little more work. But what do you do when you’re self-employed?įreelancers and contractors have as much a right to safe, affordable housing as anyone else. While this development does afford deep affordability, in an area that desperately needs it, it’s not enough.The New York City’s affordable housing lottery can already be intimidating and challenging to do when you have a stable source of income. These units account for over 40% of this development and once occupied, will surely shift the demographics of an ever changing area even further. This particular development is accepting households as high as 110% to 130% of the AMI with incomes ranging from $44,503 on the lower end for a studio to as high as $183,300 a year for a family of 7 for a 3 bedroom unit. The chart below shows the various rents for all units according to income requirements per AMI category.Īs you can see, roughly 20% of units are set aside for the 30, 40, and 50% AMI category which is more in line with the real local median income level. The development is located between the 2/4/5 line at 149th and Grand Concourse and the 4/B/D at 161st Yankee Stadium as well as the BXM4 express bus and walking distance to the Bronx Terminal Market, Franz Sigel Park, Concourse Plaza Mall, just to name a few.
Rents at Concourse Village West are as low as $426 for 1 bedroom units for households making 30% of the area median income (AMI) with income requirements as low as $17,075 a year for these 1 bedroom units. 180 E 156th Street is one of 3 buildings at the Concourse Village West development in the South Bronx. The 255 units are spread across three buildings, 741 Concourse Village West, 702 Grand Concourse, and 180 E 156th Street and features indoor and outdoor recreation areas, bike room for storage, on-site laundry rooms, and on-site parking (additional fees applicable). Applications are now being accepted for 255 brand new affordable housing units in the South Bronx on the Grand Concourse and Concourse Village West.