If I no longer fall within the income restrictions, what happens?

Does it matter if I make over the limit now (prior to move in) because when I completed the application I was initially qualified. I am supposed to move in 1 month, but I just got a new job. I am trying to be honest by telling them I no longer qualify, so what happens now? I applied at a Low Income Housing Tax Credit property. Thanks so much.

Well this is a very good question and one that does not come up very often. Typically, when you complete an application and the property staff verifies the information that you provided and they determine that you are qualified to move in, nothing will change before you actually occupy the unit. In your case this is not how things occured. You obtained a new job that makes your income higher than the applicable limit and therefore you no longer qualify to live at this particular property.

Unfortuately, you must be qualified at move in even if you were qualified when you completed the application. Any changes that occur from the point of your initial qualification until the day you move in should be reported to the property staff so they can re-examine your application and verify that you are still eligible to move in. Always work with the leasing professionals to navigate the many regulations that govern affordable housing programs. They should be able to assist you with this process and ensure that you are ready when moving day arrives.

I hope this answers your question and helps clarify your concern.