![]() If that is the case, each year, your building’s management company or the organization that financed your building will ask you to submit pay stubs, bank statements and other financial documents for review. But if your building is financed by a federal program (i.e., Low-Income Housing Tax Credit (LITHC) or HOME Investment Partnerships), chances are you will have to go through the process. Income recertification is not required for all lottery buildings. The annual income recertification process for affordable housing lottery units is intended to make sure tenants stay in compliance with the income guidelines set by the building’s developer, funding partner or management company. What Is the Annual Income Recertification Process? Once you’re in a lottery apartment, in order to renew the lease, you’ll likely have to go through an annual income recertification process. But there is still some annual financial housekeeping required to maintain your residence. You’d think that once you win the NYC housing lottery, you’d be able to live happily ever after, in rent-stabilized bliss. Source: Young Thousands via Flickr Creative Commons
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