can someone explain the "lottery" for apartments? (rental, neighborhoods)

[Ron.]

I've seen it being talked about a lot but what is it and how does it work?

Is it long term?

I'm just curious.



thanks,
Ron

[30STM]

you have to apply for them and meet the criteria and then they have so many openings and pick names then you interview and they make the decision if you qualify or not. Each lottery has different criteria

[Ron.]

Originally Posted by 30STM

you have to apply for them and meet the criteria and then they have so many openings and pick names then you interview and they make the decision if you qualify or not. Each lottery has different criteria

Thanks.........is this all over NYC or just it certain parts. Is this a rent controlled apartment?

When you get the apartment do you have a certain amount of time to live in it?

[30STM]

rent controlled no longer exits.. they are slowly being fazed out.

the lottery is in every boro and there is also a lottery for 80/20 apts where 80 percent pay the going rate and 20 percent pay on a sliding scale in high rise buildings Donald Trump ma still offer this in his buildings.

As per time you live in the apt they expect a year lease and every year they will look over your finances to see if you still qualify.

[30STM]

btw the Cheif newspapers lists these lottery apts

[Ron.]

Thanks for explaining.

It must be very popular in NYC........it's a conversation piece on this forum for sure.

[30STM]

here is a great link Current Apartment Rental Lottery Opportunities - NYC Affordable Housing Resource Center

[Ron.]

Originally Posted by 30STM

here is a great link Current Apartment Rental Lottery Opportunities - NYC Affordable Housing Resource Center

WOW......some of the max incomes are high enough to where you don't need assistance.

I saw one that had a max income of $85k.


That's a good program if it helps people become stable and they're getting good quality apartments in desirable neighborhoods.

[Pruzhany]

FYI - These lotteries may span a few years depending on its location and turn over rates. Also be aware that if it has parking, it is not included with the apartment. Once you move in, then there is another lottery for parking spots and it will span a few years due to turn over rate.

[Ron.]

Originally Posted by NeilVA

FYI - These lotteries may span a few years depending on its location and turn over rates. Also be aware that if it has parking, it is not included with the apartment. Once you move in, then there is another lottery for parking spots and it will span a few years due to turn over rate.

is the wait worth it?