My Apartment Complex has become Sectionized, and I am now "homeless" (1 Viewer)

[Kelley_B]

Well I got a letter yesterday from my apartment complex stating that the complex was becoming Sectionized for US Government Housing, but we could still live there we would just need our employeer to fill out this form about how much money I make, etc. Well I looked at the chart and I would have to start paying $520 on an apartment that I currently pay $405 for! This sucks so bad, as now I have to be out by the 31st of October, that is 2 weeks! We are moving back in with my girlfriends mom, but still this is a very bad thing as I have to pack up the ol' Home Theater! But worse is that this really interrupts my plans on buying a house. Man this sucks so bad, just had to vent a bit. Oh another bad thing is that I will be losing my DSL Modem!!! Now I will have to use the in-laws starband. I want to cry.

 

[Jay Taylor]

Sorry to hear that Kelley. With the interest rates down under 6% is there any way you can move up your plans to purchase a home?
Jay Taylor

 

[Kelley_B]

We are still about $4,000 from our goal interms of money needed for a down payment, but it looks more and more like that is something we will be doing.

 

[PatrickM]

For those of us not in the US is sectionizing like turning a complex into co-operative housing where you pay based on your income?
And, how does the government do this to an already existing complex?
Patrick
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My DVD Collection
Patrick The 69th most popular name for boys according to the Social Security Administration.

 

[Ryan Wright]

And, how does the government do this to an already existing complex?

The answer to your first question is yes. The answer to your second question is, the government doesn't do it. The complex owners do. The government cannot just come in and take your apartment complex or force you to sectionize as far as I know. But, there are all sorts of incentives for owners to do so, and if the owner got himself into a situation, perhaps this is a way out.
Kelley, aren't they obligated to let you finish your lease??
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-Ryan (http://www.ryanwright.com )
Before you criticize someone, walk a mile in their shoes.
That way, when you do criticize them, you'll be a mile away and you'll have their shoes.

 

[Aurel Savin]

Rent is one of the reasons I want to leave NY in the near future. I pay $750 for a one bedroom in a great neighbourhood where the same apartments go for about $1300.
I pay for it myself and it is not easy but manageable.
One bedrooms in Manhattan go for about $1700 - $2000. The apartments for this price are really a place to put a bed and make some breakfast. Passing wind while a girl is around would be impossible

My friend has a theory about why Manhattanites always hang out in bars and restaurants ... none of them really want to go home to their tiny pads ... Hey, but they live in the city!
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RIGHT ... CHEERS!
http://www.geocities.com/asavin70

 

[Kelley_B]

Ryan,
Yes they are required to finish off your lease, and well my lease is up November 1. Really good timing huh?
Patrick,
The landlord does it, as with it is attached a tremendous tax cut for the landlord. Also it allows them to get government loans and bonds to fix up their other higher dollar places.
Aurel,
The Donnas fuckin' rock!!!! Love that band, own all their albums and was really hoping to get to see one of their shows this fall, but with all this I have to skip out on that and try and find a place.
To all,
My girlfriends Dad owns a house with a 15 year mortage on it and has a payment of $746 a month, well we are thinking about trying to buy the house off of him, as he wants someone to assume the loan, but the house needs a new roof, air conditioner, stove, and the skylight needs resealed. We are heavily considering moving into this house as we love it, and we think we can afford it. Only problem is our credit history is really short and will have to get a co-signer or something, but this something that we will be looking into. In all reality I look at this as a blessing as it will accelerate our getting a home of our own and stop throwing money away on rent.

 

[BryanZ]

My girlfriends Dad owns a house with a 15 year mortage on it and has a payment of $746 a month, well we are thinking about trying to buy the house off of him, as he wants someone to assume the loan, but the house needs a new roof, air conditioner, stove, and the skylight needs resealed. We are heavily considering moving into this house as we love it, and we think we can afford it. Only problem is our credit history is really short and will have to get a co-signer or something, but this something that we will be looking into. In all reality I look at this as a blessing as it will accelerate our getting a home of our own and stop throwing money away on rent.

How much time is left on the loan? You may want to consider refinancing it if you will get a significantly lower interest rate. The main problem I see for assuming the loan or getting a new one is the bank will not finance the purchase due to the problems with the roof and skylight. Make sure those problems are taken care of prior to purchase of the house. Good luck!