Living in NYC us everything but cheap. On the other hand, NYC is one of the most wanted destinations worldwide. Many dreams to at least visit the Capital of the world. Not to mention that there are even more people who would like to live there. But it is a luxury that not many can afford. Real estate prices in New York City are extremely high. Not just for buying, but for renting as well. So, there is one question – is it possible to find Manhattan apartment on a budget? And you will be surprised if you find out that it is possible to find such a place really cheap! How? Well, there is an NYC housing lottery you can apply for, and if you get lucky, you can become resident of the Big Apple. Here is how you can do that.
What is the NYC housing lottery?
Even though NYC housing lottery sounds like you can win a house for free, that isn’t actually what it is about. NYC housing lottery is an opportunity to get a surprisingly good price for renting or buying an apartment in NYC. This is created in order to support residents with lower incomes and enable them to get a home at an affordable price. And with real estate prices in NYC, you can only imagine how good an opportunity this is. But how is this possible?
For investors building new buildings, there is an option to get some tax benefits if they dedicate 20 percent of the apartments for low-income families and renters. This method is also known as the 80/20, and it is more and more popular in the Big Apple. The rent for such apartments is 30-35% of the family’s per tax income. Such apartments are nowadays available in all parts of New York City. As you can probably imagine, demand for these apartments is extremely high. The statistic shows that ration is 1:1000. That means there are at least 100 applicants for 1 apartment of this type. But not everyone can apply for the NYC housing lottery. There are some requirements you need to fulfill in order to be eligible to become a participant.
Are you eligible to apply?
As mentioned before, the NYC housing lottery is meant for families with low and middle per tax incomes. Therefore, the most important criteria to be eligible for this lottery is your Area Median Income (AMI). But, as an average income figure in NYC is bigger compared to the rest of the US, you don’t need to be poor to apply for the lottery. What you need to do, in order to be sure that you can participate is to check the requirements for the current NYC housing lottery. Important to realize is that you will automatically be removed from this if you do not fulfill every participation term. Therefore, do not even think that you can somehow trick the system, as an audit is extremely strict and unbiased.
Application and interview process of NYC housing lottery
Good news is that you do not need to leave your home to become a participant of the NYC housing lottery. All you need to do is to visit portal NYC Housing Connect and place your application. Remember to check if you are eligible before making any further steps. Register on the portal, enter required household information, submit your application and track the progress. You must be aware that you need to be precise and accurate. Otherwise, you can get disqualified before you even start.
It would be smart to apply for the building that is near your current place. All applicants from the neighborhood where 80/20 building is, have an advantage. Therefore, try to find a place that is near your current home, and apply for that one. Do not apply more than once, as only one application will be accepted. Do not call, email or try to contact Housing Connect, as no one will answer to you.
Prepare necessary documentation
And that is it. Now you need to wait for them to call you on an interview if you get lucky. It would be smart to prepare for this interview in advance, as you will need to submit a lot of documentation. Here is a list of documents you need to prepare:
- Proof of ID for yourself and everyone who will live with you
- Social Security Card
- Recent Tax Returns
- Bank Statements
- Proof of Employment
- Rent statements from your current landlord as a proof that you are paying on time
These are documents that you will definitely need to attach to your file. It would be smart to ask for a full list of necessary documents before you go to an interview. This way you will be sure that you did not forget anything and will prevent any delays.
What to do while waiting
Even though you can not influence the flow of the NYC housing lottery, there are some things you can do. And that is to be ready for the action if they choose you. If you applied for the 80/20 building in the Williamsburg, it would be smart to research movers Williamsburg. This way, you will not waste time on this task if you need to move on a short notice. Additionally, prepare for all other moving-related activities, such as packing. Go to your local shop and buy the necessary packing supplies. If you want to save, you can start looking for the free moving boxes as well.
Now you know how to apply for NYC housing lottery, hence do not waste any more time. If you are lucky enough, you could move to NYC very soon. Do not forget to hire good and experienced local movers NYC if you win the big prize. Remember that lady luck is unpredictable, and you never know when she will look upon you. If you do not try, you will never be able to win such an amazing prize. So go and apply even today. Fingers crossed!