Lease Renewal 421a(16) MIH
Has anyone gone through a lease renewal for a 421a(16) MIH building?
Wondering if it’s a simple lease renewal ie signing, or if I will have to re-certify income by submitting a tax return/and or paystubs? To be clear I already know that re-certification does not equal re-qualification.
Asking because I want to make sure I keep my income consistent in the event that making more would change my rent. My unit is stabilized and I know increases are subject to rent guideline board % increase, but Im in a lower income bracket and am worried that if I make over the top of my bracket i’ll be subject to a recalculation.
Curious to hear from those who have been through the lease renewal process in general but especially those in 421a building/people who have had to re-certify.
I’ve done a lot of internet searching but haven’t been able to find a definitive answer. Reside NY website says there is no recertification process but Ive also read there can be on newer buildings depending on the program agreement they have with the city. My lease doesn’t say anything about recertification though!
If you have experience with this please tell me about it !