Income is from all sources from anyone over the age of 18 in your household. This includes wages, bonuses, tips, unemployment compensation, alimony, child support, pension benefits, Social Security benefits, recurring gifts and public assistance.

Income will be calculated using gross annual income. (Gross income is the income you receive before any taxes or deductions.) For self-employed applicants, net income is analyzed, which includes net business income from current and prior years. If you are reached for further processing, be prepared to submit a statement that details projected income and expenses through the end of the current calendar year. For more information on how income is calculated, please see the “Applicant Income Guide” from HPD’s website.

Be prepared to present copies of recent years’ federal tax returns, recent paystubs, and copies of financial statements. Start to keep these now so you will have them easily available if you are invited for a consultation. For more information on documentation requirements, please see the “After You Apply” section on HPD’s website.

You only need to qualify for the apartment once, up-front. Since the apartments are rent stabilized, your rent increases will be based not on your income, but on what the Rent Guidelines Board determines each year. Provided you have followed the terms of your lease, you will have the option every year to renew.

Income is from all sources from anyone over the age of 18 in your household. This includes wages, bonuses, tips, unemployment compensation, alimony, child support, pension benefits, Social Security benefits, recurring gifts and public assistance.

Income will be calculated using gross annual income. (Gross income is the income you receive before any taxes or deductions.) For self-employed applicants, net income is analyzed, which includes net business income from current and prior years. If you are reached for further processing, be prepared to submit a statement that details projected income and expenses through the end of the current calendar year. For more information on how income is calculated, please see the “Applicant Income Guide” from HPD’s website.

Be prepared to present copies of recent years’ federal tax returns, recent paystubs, and copies of financial statements. Start to keep these now so you will have them easily available if you are invited for a consultation. For more information on documentation requirements, please see the “After You Apply” section on HPD’s website.

You only need to qualify for the apartment once, up-front. Since the apartments are rent stabilized, your rent increases will be based not on your income, but on what the Rent Guidelines Board determines each year. Provided you have followed the terms of your lease, you will have the option every year to renew.