Should I Move to These Apts.?

[Food Lady]

I already emailed the manager and she said she could get me into one of
them for $720 minimum. I could do that easily, even with my sad net
income ($850 per month for benefits/taxes). I already asked and there is concrete between the walls for soundproofing. You all know about the noise here. And I just had to call the cops on people yelling with the sliding door open last night. It was 1:00 am.

Here's the kicker: there's an income cap. I would have to promise
that for the first 12 months my income would not go above their cap of
$31,380 gross. I'm close to it so that means that for a whole year I would not be able to pick up a second job and pay down my debts faster. So they don't get paid as fast as I want them to, but I will still be fine as long as I don't
foolishly spend. It would be no second job, a longer drive to work, and at least $135 more in rent which means I'd still have $350 a month to throw at bills (aside from min. payments).

I assume that after the first year then the income doesn't matter.
She specified the "first 12 months". Plus, if I get the big tax
refund I think I'll get this year, that would help pay off some
things. So maybe I could do it.

It's further from work but closer to the neighborhood I walk in.
Plus, it's on the water. I just love that idea. Some of the units
will have exposed brick. Love that, too. And it's by an expensive
private college, a boat club on the river, and expensive restaurants.
What I am saying here is not the ghetto. The only problem might be
college students but frankly, with the exorbitant cost of going to that college I figure they might actually be there to learn. Plus, concrete walls...

I won't be able to move anywhere until the spring per my lease addendum so I have time to look around and decide.

There are 16 floor plans for 1-bedrooms and here are a couple I like:

https://www.woolenmillslofts.com/ful...style-j4bzk7e5

https://www.woolenmillslofts.com/ful...style-j4bzk7e5

https://www.woolenmillslofts.com/ful...style-j4bzk7e5

https://www.woolenmillslofts.com/ful...style-j4bzk7e5

ETA: On weekends there is a trolley (OK, really it's a bus) that goes by the restaurant down the street often, and it only costs a quarter to ride. I have a car, but sometimes the trolley is fun if I want to go have a drink. Every so often a group of us girls gets together to take the trolley to the restaurant, LOL. We are silly.

[EricKei]

Love the open floor plan (kitchen/living room) on the first few (esp 2 and 3) -- What's with the long corridor on that last one? O_O I could see it being great for someone with a kid -- They can stay up playing music/games/TV without disturbing a sleeping person.

As for the income restrictions -- I really have to wonder WHY it's any of their business. Do they get some sort of financial incentive for providing homes to people under that income limit?

As for the "12 months" thing, it just sounds like a clarification -- i.e. so you don't think that you only need to stay under that amount from, say May~December 2018 (rather than May 2018~April 2019, which I think is what she intends).

[Pixelated]

I don't understand the income cap either ... it they were subsidized I could see the rationale but otherwise ...

If I were you, Food Lady, I would try to find a way to ensure that your income can go up after that first year with no repercussions. If it's still "No," then you should probably give this a bit more thought.

If the income restriction is only for the first year, though, I'd say go for it. I know what it's like living around people who live at top volume with no consideration for anybody else. It eventually starts to gnaw ragged edges into your sanity.

[MoonCat]

The only thing I would be wary of is the college students. Around here, the kids from a local school cause MAJOR problems in a nearby neighborhood where they all go to party. There are house parties with hundreds of kids, and they end up all over the neighborhood, barfing and pissing on lawns, damaging property, screaming and yelling in the streets, etc.

Talk to a couple of residents, if you can, and find out if there are any party-related problems. If not, then I'd say go for it.

[Nunavut Pants]

.... The only problem might be
college students but frankly, with the exorbitant cost of going to that college I figure they might actually be there to learn.

That is not a safe assumption. I live near one of the more expensive colleges around (Stanford), and have spent time around a few others. College kids are college kids, pretty much everywhere. Some are better and some are worse, but with any sizable collection you will have enough bad ones to cause trouble.

[notalwaysright]

An income restricted complex would receive some sort of incentive for offering affordable housing... The building you linked looks way more up-scale than all the income restricted complexes here! I'd be extremely dubious about that. You might be okay for students though, since their parents might be paying for their place, so the parents would have to abide by the income cap too. Some places here specify no students!

Anyway, I bet you'd be permanently restricted to that income, even after the 12 months. I'd ask to be sure.

[EricKei]

Per NAR's comment -- Don't just ask; get it in writing!

[Food Lady]

What's with the long corridor on that last one?

I suppose it's because they have to get around the existing structure of the building which was a woolen garment factory, so different sized rooms/departments. I actually like that floor plan a lot. I like the corridor but I don't know why I do.

Some new pictures:

[dalesys]

I would suggest trying to verify the "12 month" income limit from another source (i.e. City Hall?) not connected with the developers, as I can see some minion saying that just to set the hook. (here fishy fishy)

[Mental_Mouse]

So they'll only allow residents who will be paying over 25% of their before-tax pay as rent? This sounds like a classic scheme to make sure that poor people stay poor.

I'm with dalesys: Check with City Hall and/or the local housing authority, to make sure of the terms, make sure that's legal, and if it's not, tip off authorities.

[Food Lady]

So they'll only allow residents who will be paying over 25% of their before-tax pay as rent?

That's pretty standard? I've seen anywhere from 1/4 to 1/3 of gross income as a rent payment anywhere I've looked.
I applied today. There's a chance I won't be approved because of my credit and that would make the decision for me. Frankly, I'm on the fence after getting some questions answered.

Concerns:

--There are varying sizes and once I'm approved I get to pick which floor plan out of several I know are facing the river. However, the one I did see today was smaller than I thought. It's not one of my picks, but it showed me that while the windows are huge and very nice, the living rooms may be small. I don't use my living room much now, but it's nice to have the space when I want it. Of course I have only seen the one unit and they are all different.

--Central heat/air. The heat is gas and that should be no problem; I typically keep my living space around 60. At this point I am not even running my heat at all and it's December. But air conditioning will be expensive. It will be humid on the river and a couple units I might want are on the third floor. I'll get everyone's heat in summer (that's nice in winter, though).

--The walls look to be about the same as any other apartment so I am going to hear noise. I don't mind regular noise, but the bass is going to bother me. There is one unit on the corner which may eliminate some of that but I don't know. Why pay more for the same thing, even if it does have a washer/dryer in it?

--There are no trees. I don't think there's room. I would miss the grassy courtyard and tree here.

Pros:

--There's underground parking (admittedly $50 extra) and an elevator so no more hauling stuff up the stairs.

--After the first 12 months then yes, I can break the income cap. I can make up to 40% more than I do now. I won't even hit that with 2 jobs so I'm good to go as of spring 2019. I will be fine until then, just not able to throw huge chunks of money at bills. But they will be paid and I'll be able to eat.

--Both area cable providers will be available so I can just transfer mine over.

--High ceilings might mean an easier time cooling the place. Plus, central air is more efficient than a wall unit in one room which is what I have now.

--No more hauling laundry downstairs and across an icy parking lot. I won't have to do it by hand either, unless I want to. If my washer or dryer do need a repair, I have a spin dryer so I can do stuff by hand while waiting on that. This is a big thing; hauling causes me pain.

The bottom line is that I can say no if I want. I don't really have to decide now. I just would hate to be approved and then back out. Ugh; I hate making decisions. There's a good chance I'll stay where I am.

[Teysa]

Having a washer and dryer sounds like a pretty good pro. Other than potential noise issues, the cons don't seem all that bad. If living there would be easier on you physically, it might be worth the move on that basis alone.