FAQ

Q. WHAT IS A MIDDLE-INCOME APARTMENT?

A. A middle-income apartment is a type of income-restricted apartment offered at below market rents for income eligible residents, through housing programs developed in partnership with the City of New York. The apartment’s rents and income limits are based on HUD published Area Median Incomes. Applicants are required to meet additional criteria established by the Owner and the City. All apartments are rent-stabilized.

Q. WHAT DO I NEED TO DO TO APPLY?

A. For an easy how-to, check out our “How To Apply” page.

Q. IS THERE AN APPLICATION FEE?

A. There is no application fee, but there is a non-refundable credit check fee for each household member over the age of 18 years. Applicants may choose to provide evidence of complete monthly rent payments for the proceeding 12-month period in lieu of a credit check.

Q. DO I NEED TO PAY YOU A BROKER FEE?

A. No. These are no-fee rentals. Our leasing team represents the owner directly and does not require that any renter pay us a fee. Note, that if you bring your own agent with you to see the building, you may be required to compensate that agent of no more than one-half of one month’s rent for the apartment you are renting.

Q. HOW DO I KNOW IF I QUALIFY FOR A MIDDLE-INCOME RENTAL APARTMENT?

A. We’ve put together a handy income table here for you to get a sense of whether you can qualify for a new rent-stabilized apartment.

Q. WHAT KIND OF INCOME DOCUMENTATION AM I GOING TO NEED?

A. Our "How To Apply" page has the list available.

Q. HOW LONG WILL IT TAKE FOR MY APPLICATION TO BE APPROVED?

A. After you pick your rent-stabilized apartment and submit your application, your leasing agent will determine whether you meet the eligibility criteria and prepare the application for final approval. If you are responsive to the leasing agents requests for additional information as needed, than the typical application will take two (2) weeks from start to finish.

Q. AM I ALLOWED TO HAVE A ROOMMATE(S) AT THE ASHLAND?

A. Yes. The New York City housing program allows for roommates to apply and live together so long as your combined income falls within the permitted limits.

Q. WHAT HAPPENS IF MY INCOME CHANGES AFTER I MOVE-IN?

A. The NYC affordable housing program knows that times change, people change, and incomes certainly change as well. Once you’ve qualified and signed your lease, you can continue to renew your lease even if your income no longer falls within the original requirements. Good news for all quality affordable housing seekers!

Q. WILL MY RENT INCREASE?

A. If you are approved, you will have the choice to sign a 1 or 2 year rent stabilized lease. Your rent may increase annually based on what’s permitted at that time by the New York City Rent Guidelines Board.

Q. ARE UTILITIES INCLUDED IN THE RENT?

A. Rent includes heat, water, and cooking gas. Electric is billed by landlord based on your actual cost and actual usage. It is not metered directly with utility company, but sub-metered, read, and calculated by an independent third party.

Q. IS NET OR GROSS INCOME USED TO DETERMINE YOUR INCOME ELIGIBILITY?

A. Income will be calculated using gross annual income (the income you receive before any taxes or deductions), except for self-employed applicants. For self-employed applicants, net income is analyzed, which includes net business income from current and prior years.

Q. WHAT ARE THE BUILDING-WIDE AMENITIES? IS THERE A FEE?

A. 250 Ashland Place is a full service building with a complete amenity package. Amenities include: 24-hour attended lobby, on-site resident manager, roof deck/terrace*, fitness center*, playroom, resident lounge*, concierge*, bike storage, laundry in building*. * additional fees may apply

Q. WHAT ARE THE APARTMENT AMENITIES? ARE THERE DISHWASHERS OR WASHER/DRYERS IN THE UNITS?

A. Homes at 250 Ashland Place are beautifully appointed, and feature central air, plank wood floors, granite counters, dishwashers, and washer/dryers (in all 2 and 3 bedroom units only).

Q. DO YOU ALLOW PETS?

A. Yes, up to two (2) pets (e.g. dogs, cats) are permitted in each apartment with a combined weight not to exceed 100 lbs. Breed restrictions do apply but there are no additional fees. All other pets are subject to approval by the Owner.

Q. WHAT IF MY INCOME FLUCTUATES MONTH TO MONTH OR YEAR TO YEAR? HOW WILL MY INCOME BE ASSESSED AND WHAT SHOULD I WRITE ON THE APPLICATION?

A. If your income is episodic or fluctuating, you should make an informed projection of your annual income on the application, based on your past earning patterns and any guaranteed future income. It is critical to have documentation of all your income for the previous 3 years, the current year, and any documentation you have regarding future income (such as signed contracts for employment or services). Tax returns are valuable as evidence of your past income, along with all your W-2s, 1099s, K1s, and documentation of cash income (such as bank statements showing deposits), contracts, or letters from employers.

Q. WHY DO I HAVE TO GIVE THE DEVELOPER SUCH DETAILED INFORMATION ABOUT MY FINANCES?

A. It is important that applicants qualify under the program requirements. In order to ensure fairness to all applicants, the owner needs to certify that an applicant’s income falls within the income guidelines. All information is confidential and the managing agents handle this information with the utmost discretion. Required information such as bank accounts, assets and social security numbers are necessary to provide to the managing agent on the application in order to fully review and approve you for a middle income apartment.

Q. CAN I APPLY IF I’M A STUDENT?

A. Yes, as long as the household meets all income and eligibility requirements. Note, student loans/grants are not considered income.

Q. I OWN PROPERTY, AM I STILL ELIGIBLE?

A. No member of the applicant ‘s household may own residential property, including shares in a co-op, in or within one hundred (100) miles of New York City limits.

Q. I DON’T THINK I’M WITHIN THE SPECIFIED INCOME RANGE FOR MY HOUSEHOLD SIZE, BUT I DO MEET 40X THE RENT REQUIREMENT; CAN I STILL BE ELIGIBLE?

A. No. Your income must fall within the specified income limits based on your household size to be eligible.

Q. HOW LONG WILL MY APARTMENT STAY AFFORDABLE FOR?

A. The rent will remain in accordance with rent stabilization permanently.