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I am a low income person and I collect SSI and I leave in a…

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I am a low...

I am a low income person and I collect SSI and I leave in a coop apartment under section 8. The coop apartment was purchased by another coop company and the certificate holders received money. Would I loose my SSI and or my section 8 status?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

Such as?

Submitted: 8 months ago.Category: Social Security
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9/16/2017
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 8 months ago
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,615
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 8 months ago

Because it is income and if not spent in the month received will become a 'resource' - it CAN effect both potentially. While I can only address the SSI here, since we are in the SS category and I am a social security lawyer, I will answer that below. However, I urge you to discuss the Section 8 issue with your local housing assistance agency that runs that program for you.

RE your SSI:

If you are single, you can not have more than $2000 in countable resources. Married is $3000 limit. Cash is a countable resource. If you have a mortgage, you can use the money to pay down the mortgage, since owning a property you live in can be a non-countable asset/resource. Also, if you drive, SSI counts one car as non-countable, so a person can use the money (spend it down) on a car if they don't want to just waste it away on silly things to spend it down. My favorite is spending down on something that gives you endless value each month, like paying down a mortgage (or buying a home) sine the countable money become countable home (or part of) and your bill for mortgage is LESS each month. Therefore, it is like paying you every month. It is ALWAYS a good idea to confirm your plans with your local SS office to make sure you are understanding the rules. Follow up that conversation with a letter to SSA confirming who you spoke with, when and how you were told XXX. Mail it certified RRR.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 8 months ago

I hope this helps! My goal is to provide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, I am happy to address follow-up questions.

Kindly rate me with 5 stars when you are done. It costs nothing extra but tells company to give mecredit for my assistance to you today. I look forward to assisting you inthe future, should you have legalquestions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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Customer reply replied 8 months ago
Hello Stephanie,
I am aware of the SSI requirements, however; my big concern and the most important info that i need to know is, will my section 8 status be effected? if yes or no, please reference the regulation accordingly. regards,
Customer reply replied 8 months ago
Are you there...
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 8 months ago

OK, you specifically asked about SSI, specifically, which led me to believe you needed to know about the SSI impact.

As for Section 8 again, this will depend on your area, not anyone else's AND your income. It CAN be effected by income and certain resources. So you must go your local agency and determine what the agreement is for you based on the area you live in - what is the limits in your area and how will your new income / resource compare?

This helps explain: https://affordablehousingonline.com/housing-help/eligible-for-section-8-if-i-own-a-home

Note that there is not a traditional asset limit - rather, they look to what the income is or should be from the asset - such as interest that can be earned on that bank account or cash. Because that may be VERY low, it is very possible that it will make no difference after it is received. But, because you have reporting requirements anyway, now is the time to inquire of your housing authority in your area. Unlike SSI, section 8 allows for FAR MORE income than SSI, so you have a much better chance of being safe from any effect on your section 8 housing.

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