The Ruby: 243 W 28 St — Lottery now open (2015, neighborhoods)
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Another thing to consider is looking at those listings from 2-3 years ago and seeing if you’d still qualify—for example, while the 1-beds were $500 less in the 130% AMI a few years ago for this exact area, the allowed income range was also smaller by at least 20k, too. With today’s money I wouldn’t qualify for the 130% AMI back then so it’s not an apples to apples comparison. I imagine as the bands go up, so do the rents, so this is still a good deal this year.
Another thing to consider is looking at those listings from 2-3 years ago and seeing if you’d still qualify—for example, while the 1-beds were $500 less in the 130% AMI a few years ago for this exact area, the allowed income range was also smaller by at least 20k, too. With today’s money I wouldn’t qualify for the 130% AMI back then so it’s not an apples to apples comparison. I imagine as the bands go up, so do the rents, so this is still a good deal this year.
In the case of my current building, they actually did increase the incomes with the 2022 limits (I believe they have to) but kept the 2021 rents. Really a great deal, this doesn't always happen.
Then letting this Ruby unit go to the next lucky person who’d be sure of it and would benefit more makes sense to me
Quote:
Originally Posted by randomperson2
Well, if they were to move, someone would get that apartment...
Exactly this @random. When I moved to my current place in 2022 I vacated a 60% AMI unit I won back in 2019. One could argue I shouldn't have taken the new luxury unit when I already had decent + affordable housing. But on the other hand, by leaving, I was making available a lower-income unit that I no longer needed since my income had increased significantly.
If I were to move now, I would make available a cheaper 130% AMI unit available for someone else who is possibly at the lower end of that bracket for whom ~$3000/mo is out of reach. Of course, there were other reasons I moved then and there are other factors here. But it's not like someone can gobble up affordable apartments lol
I think it's a personal decision for you then, linamonroll. You said you're not as centrally located, so while in a great unit, it's still not a 1:1 comparison. By contrast, Flow Chelsea, an affordable housing lottery building just one block over from the Ruby happened a few years back (https://www.6sqft.com/chelseas-first...rom-1169month/).
That 130% 1-bedroom 1 block away was $2,544, but the max income was only $97,000 (1 person). For the Ruby, that income is now $121,000; in the past few years, if this is the location a person was aiming for the Ruby is one of the first deals to come along since then. Otherwise you could always just keep the cheaper unit further out, or choose a cheaper Manhattan lotto (ex: Lyra, also not within 1 block, but up on 38th).
I hope you continue to love your neighborhood, whichever you choose! At the end of the day, we all just want an affordable and safe place to stay, for our unique situations. Best of luck to those waiting to hear back!!
Last edited by Anon7mouse; 10-31-2023 at 03:34 PM..
How does the lease look like? Is it renewed every year and do we also need to provide all the updated financial documents again? Sorry for my newbie questions.
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