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Old 12-11-2017, 01:56 PM
 
2 posts, read 1,935 times
Reputation: 10

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Hi Guys,

First, this is a great forum for HPD information. I see some projects with only 100% AMI rent. Some projects does have only 60% AMI rent. Then we have projects with mix income affordable housing apartments.

How does HPD or the marketing agent determine this apartment should be set for this income?

Best,
Mr.Blue
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Old 12-11-2017, 02:00 PM
 
994 posts, read 1,057,188 times
Reputation: 222
Quote:
Originally Posted by MrBlue123 View Post
Hi Guys,

First, this is a great forum for HPD information. I see some projects with only 100% AMI rent. Some projects does have only 60% AMI rent. Then we have projects with mix income affordable housing apartments.

How does HPD or the marketing agent determine this apartment should be set for this income?

Best,
Mr.Blue
tax breaks
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Old 12-11-2017, 02:22 PM
 
Location: New York, NY
6,687 posts, read 6,031,429 times
Reputation: 5967
Exactly. When the developer wants to write out a big fat chunk out of his taxes then they use 60% AMI.
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Old 12-11-2017, 05:20 PM
 
3,699 posts, read 3,855,671 times
Reputation: 2614
The buildings that are specifically 60% ami and below are just greedy developer land grabs of paying no taxes for 25 years. then they can demolish the building and sell it and make a huge profit.
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Old 12-12-2017, 07:44 AM
 
2 posts, read 1,935 times
Reputation: 10
Thank you for everyone for their response. I'll try to do more research and proof my case for appeal.
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Old 12-12-2017, 08:13 AM
 
Location: Brooklyn, New York
5,464 posts, read 5,709,317 times
Reputation: 6098
The city incentivizes developers to lower AMIs for the affordable portion of the development.
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Old 12-13-2017, 11:58 PM
 
6,680 posts, read 8,236,177 times
Reputation: 4871
Quote:
Originally Posted by Aquarius37 View Post
The buildings that are specifically 60% ami and below are just greedy developer land grabs of paying no taxes for 25 years. then they can demolish the building and sell it and make a huge profit.
Yes but people are RS in these apts so they can't just demolish the building after 25 years.
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Old 12-14-2017, 08:42 AM
 
Location: New York, NY
6,687 posts, read 6,031,429 times
Reputation: 5967
Quote:
Originally Posted by livingsinglenyc View Post
Yes but people are RS in these apts so they can't just demolish the building after 25 years.
Oh yes they can. Their intent is for another Cabrini Green or Pruitt Igoe to happen. It's not going to be too hard with 60% AMI Starbucks-employed frat house young bucks.
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Old 12-14-2017, 01:09 PM
 
3,699 posts, read 3,855,671 times
Reputation: 2614
The tax breaks expire after 25 years and they can do whatever they want with those lands and buildings.
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