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HDFC, Tenant Interim Lease, income cap flexibility

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HDFC, Tenant Interim Lease, income cap flexibility

Postby Juletta » Fri Oct 24, 2008 12:42 pm

We saw a really great apartment and were told it was an HDFC building. The broker who showed it--and the ad in the paper--and the printed spec sheet the broker gave us--and the bid sheet we filled out--all said the income cap was 120% to 155%.

We told the broker, and filled out the bid sheet, with our 2007 income, which was just over 120% and well under 155%. Then we gave our $300 to the board for background checks, and a $1000 retainer to the lawyer.

Today the lawyer called and said that every single document they have says 120%, including the documents filed with the city in 2008. This is a building that became a co-op in April 2008 after fulfilling the "tenant interim lease" program. This is their first re-sale, and the broker said that the 155% figure came directly from the manager, who is also the co-op president. He's trying to reach her by phone with no success so far.

Is TIL even considered HDFC? I know many HDFCs have sliding scales and varying percentages, is TIL locked in to 120%? Can I take the broker/co-op board to small claims court to get back my $1300, since they accepted my bid under false pretenses (and in writing)?
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Postby Juletta » Sun Oct 26, 2008 10:18 am

What is the current income cap for 120% TIL buildings for a family of 3? $76,560 or $82,920? The broker for the apt. said $76,560, but I see that in the City's 2006 listing. Their current webpage for 2008 says $82,920, and all the other HDFC real estate listings out there are using that number.
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Postby TenantNet » Sun Oct 26, 2008 12:01 pm

You're getting into topics for which regular users of the forum would not know answers. For HDFC, try going to http://forums.delphiforums.com/HDFCCentral/start

TIL (Tenant Interim Lease) is a program of HPD, which would probably be able to answer those questions.
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