TIL buildings are not bound by the 120% restrictions if the came out of the program a WHILE back, however, the ones that come out recently almost all have that cap, as the organization that works as the liaison to the city (my organization - UHAB) advocates to keep these units as affordable housing which is defined as that parameter.
However, given the difficulty some buildings have with resale, or how some buildings want to accommodate new buyers (more likely they truly NEED new buyers to stabilize the building's ability to payoff an underlying mortgage) the building, with our legal assistance, can choose to modify the income guideline in an effort to sell those vacancies and improve the base of shareholders. It's entirely a building-led decision, and unfortunately, dealing with city and legal regulations is time-consuming stuff. Be sure you have a good lawyer that you trust who is working with you, and you may contact UHAB or just pore through the site to get more information.
We have TIL case managers who work closely with these buildings to enable their needs are met, so hopefully that is happening in this case.

Thank you so much! Greatly appreciated!

HDFC buildings are a bit more complicated, but this is something the listing broker should have checked.
I have a listing in an HDFC building as well and it is a questione everyone asks. Mine is indeed also 120%.
Since apparently the manager/co-op president made a mistake, you might want to ask the broker to negotiate to make the sale.
I hope that works out.

The corporate documents say that the standard is 120% of the area median income. That is stamped all over everything, including the back of every page of the proprietary lease--"120% of the area median income."

The latest HDFC Cooperative Median Income standards of 2008 are $82,920.00. You can look this up at the HDFC web page.
The standard definition of low income has changed during the existence of the program so shareholders must consult their corporate documents to determine the standard applicable to their cooperative.
One common standard is that the income of the incoming family can be no more then six times the annual maintenance plus a factor for utilities for families of fewer then 3 dependants.
For families with 3 or more dependants, the factor is 7 times the maintenance plus a factor for utilities.
Maybe you should ask the board of the HDFC building if they can recommend an attorney that is well versed with these HDFC guidelines.
Good luck.

No, he hasn't. We're pretty much on our own here.

Jennifer,
Has the listing/selling broker assigned you a (buyer) agent/broker to represent you?

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.

We went through the selling agent directly--answered an ad in the Times. We have not yet gone to contract or put down a down payment--this is coming up as part of the due diligence before signing the contract. All we've paid out is the application fee and the retainer to the lawyer. However, we were just informed by a broker friend who sells tons of TIL HDFCs that if the building isn't in arrears with the city (it isn't) it can amend the 120% to as high as 165%, and may have done so without filing the amendment yet. We need to find that out from the manager/co-op president, and the lawyer and broker are trying to do so right now. This is literally our dream apartment so we really want to make this happen, even if it means waiting for the board to file an amendment before we sign a contract.

Jennifer,
Did you go to contract on this and did you put down a downpayment? Did you have agent/broker representing you or did you go directly through the selling agent/broker?