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I've been trying to find out as much info as possible. I came across mitchell lama housing and found out that they charge 30% of your income but can there be a maximum to what the rent could be? (if your income is under the restrictions, lets say 50k?)
Does anyone know?
Also what would happen to your rent if your income went to 100k?
I've been trying to find out as much info as possible. I came across mitchell lama housing and found out that they charge 30% of your income but can there be a maximum to what the rent could be? (if your income is under the restrictions, lets say 50k?)
Does anyone know?
Also what would happen to your rent if your income went to 100k?
I live in Mitchell-Lama.
Depending on what you make, you fall into a bracket. If you make above the maximum, you get hit with a surcharge depending on how high above the bracket you are.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
There is a base rent that almost everyone pays, no matter how poor, unlesss you have rent increase exemptions (SCRIE, DRIE, etc.) Then there is a surcharge that almost all pay in its entirety with income around the 20-25K mark. I assume the amount of surcharge is dependent on the exact income between destitution and that 20-25K figure.
The base + the surcharge is defined as "market rent" (not to be confused with REAL market rent which can be many times this amount.
I have it on authority that nothing further happens until you get around the 100K mark when another 50% surcharge can be applied but I don't know if that is on the BASE or on the BASE + SURCHARGE, aka "market rent."
I am not an expert on the topic but reasonably versed in it, so don't consider the above absolute GOSPEL.
Individual complexes can differ in small varying ways but I think all follow the same basic structure. I also imagine there are difference between ML rentals and ML co-ops.
nyc, I think you are pretty close to accurate when you state "lets say under 50K" because that is close to what I think it is to get in. Maybe it is geared towards MEDIAN household income in NYC. Seems logical that would be the choice MacNeil Mitchell and Albert Lama made so many years ago...to gear apartments to the absolute middle income mark and below.
Last edited by Kefir King; 05-24-2012 at 06:52 AM..
Ok so this program is geared to those making in the 20s-30sk then right?
Not necessarily, I think it depends on the neighborhood. I just saw one today for a building in Murray Hill area. The limit there was up to 50 something for two people...
Not necessarily, I think it depends on the neighborhood. I just saw one today for a building in Murray Hill area. The limit there was up to 50 something for two people...
What building is this? Could you tell me where you saw this listing @
Depending on what you make, you fall into a bracket. If you make above the maximum, you get hit with a surcharge depending on how high above the bracket you are.
how can i find out what the bracket is (family of 3) and is there a maximum the rent can be? if it goes above a certain amount, doesnt seem worth it to me
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