Dream of many is to live in New York City. And that doesn’t surprise at all, as the Big Apple is one of the greatest cities in the world. If not the greatest one. On the other hand, living in New York City is not cheap at all, and many can’t afford that luxury. In the past few years, the real estate market in New York City basically exploded with prices. And not only in Manhattan but in all NYC boroughs. Therefore, the fact that many can’t afford to purchase a house, or even find a cheap apartment in Brooklyn to rent is not something new. But there is a solution to that situation, and it is called NYC affordable housing lottery. And here we are going to give you some tips on how to apply for it.
Few words about NYC affordable housing lottery
Before we go through the actual application process, let’s see what NYC affordable housing lottery is. First of all, you need to know that you can’t win the house or apartment, even though it maybe sounds like that. But do not get disappointed, as the prize is the next best thing. As mentioned before, living in New York City is not a cheap thing. And purchasing a property is even more expensive. But, if you participate in NYC affordable housing lottery, you can get a really great deal for renting a place in New York City.
NYC affordable housing lottery is actually made to support residents of New York City with lower incomes and enable them to rent an affordable place. And if you are asking yourself how is that actually profitable for anyone, there is a simple explanation. Every investor who dedicates twenty percent of the property to this cause will get a lot of tax benefits. And it is a commodity that many investors in New York City are using.
On the other hand, these apartments cost not more than 35% of a family’s income. As these terms are great, you need to know that the competition is quite big. But do not let that information stops you from trying. Important to realize is that, in case you get this opportunity, it doesn’t mean you are moving into a small apartment. There are numerous sizes of such properties, hence it will be enough to fit all family members.
Who can apply for NYC affordable housing lottery?
Important to realize is that this opportunity is not made only for marginal cases. Many more people than you might think are eligible to contest in this lottery. But you should check if you are eligible as well before you fill the application form. Even though there are several criteria, one is the most important. And that is Area Median Income. Good news is that this figure is quite big, as New York City has a very high average per tax per capita income.
On the other hand, if you do not fill the necessary criteria, you will not even be considered as a participant. Therefore, make sure you are one hundred percent in the group of an eligible population before you apply. And one more important information. Audit for this competition is extremely rigorous and strict, so there is no way you can deceive them. No tricks are allowed.
How to apply?
Applying for NYC affordable housing lottery is extremely easy. And the best part is that you can do the first step form your chair. Your first stop on this trip is the NYC Housing Connect portal where you can see the list of available properties and apply for the one you like. You will need to register, leave some information regarding your incomes, apply, and track the progress.
You need to be aware that your chance is bigger if you apply for the apartment that is in your current neighborhood. Housing Connect openly says that people applied for the place in their current neighborhood have an advantage. Therefore, even if you would like to move from Brooklyn to Manhatten or Queens, it would be smarter to apply for the place in Brooklyn. And never apply more than once, because every next application will not be accepted.
if you made on the short-list, you’ll get a call for an interview. This is where you will need to bring the proof for details you filled in your application. Make sure you get the full list of documents before you go, but here are some that you will need for sure:
- Social Security Card
- Tax returns
- Employment proof
- Bank statement
In case you applied on behalf of your family, you’ll need the same documents for every member. While you wait to get a call, use the opportunity to make some preparations in case you win this lottery. Try to find a good moving agency, calculate your NYC moving costs, and make a moving plan. This will help you a lot in case you need to move on short notice.
As you can see, there are few tips and tricks that could raise your chance to win NYC affordable housing lottery. Remember that you need to prepare everything in advance in order to act fast. It would be a smart thing to at least have a few local movers Brooklyn quotes in order to organize a safe move in case you win this great prize. On the other hand, make sure you check if you are eligible for this competition and that you have all necessary documents for the application process. And nothing costs you to try, therefore, make sure you try your luck. You never know when lady luck will look upon you.