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I believe this building is probably under 50/30/20 program. 30% of the units are set up to 130% AMI, with another 20% of units that will be set at up to 50% AMI (15% must be at 40% AMI). I am guessing those low AMI units are just not out for the lottery yet, and may have a separate lottery in the future or something. Only 50% of the building will be market rate. This is not a traditional 80/20 building.
80-100% AMI bracket is pretty tough, since I think only under M^2 program do you even get those ranges...
The up to 40% bracket is a sweet spot (basically bums who manage to make below minimum wage in yearly income or elderly I guess). That's where the votes are.
You know even with the M2 program 61-80%range is still very rarely included. This kills me because once again a large group that could use some assistance is once again treated as non-existent. My ideal world all the groups between 45and 100% would be included and there would be an overlap between ranges up to $1000. I hate that people are denied becasue they work hard do overtime and try very hard to make ends meet, or they go over a range because income changes from when you apply to when you are chosen due to annual raises and such. Life happens. I get it but I do wish that it covered a more comprehensive range but that is me. HOPE SPRINGS ETERNAL
Middle income folks would fair better buying if an affordable studio is almost $2000.
A $360k mortgage is $2400. You have a few down payment assistance programs. You get an entire house for a little more than the cost of a studio. You also build equity to pass on to your family member of choosing hereby building generational wealth.
Or time to look into job options out of state in cheaper locations.
Developers aren't going to pour their money into building affordable housing with this anti-landlord climate. The tax breax isn't worth the headache when they can invest in other places. It will only get more expensive.
I noticed that for a one bedroom, one - regardless of income, has to make significantly more. I don't know how to explain it, but it's like: Studio - income range 65k - 95K, One Bedroom: 120K - 150K
I believe the rule is to qualify as 'affordable', sum of the units must not exceed an average of 90% AMI. So you can have some units at 120% AMI as long as they are offset by units set as 60% AMI in the same building.
That's not true - the building I am in now only had "affordable" units in the 135% AMI, there were no others set aside for lower brackets. Most of the ones I have been called for have had their affordable units for the 135% AMI bracket only.
And to the OP, the whole affordable housing program is tax shenanigans.
That's not true - the building I am in now only had "affordable" units in the 135% AMI, there were no others set aside for lower brackets. Most of the ones I have been called for have had their affordable units for the 135% AMI bracket only.
And to the OP, the whole affordable housing program is tax shenanigans.
How old is your building? I believe before 2007(or was it 2013?) the developer was allowed to construct a building somewhere else to transfer the rest of the low AMI apartments.
How old is your building? I believe before 2007(or was it 2013?) the developer was allowed to construct a building somewhere else to transfer the rest of the low AMI apartments.
Building began planning in 2013 and was constructed 2014-2016, with the affordable units advertised May-July 2018 and they are just finishing filling those now.
A typical New York renter better be pulling in a minimum of $100 grand a year if he wants to
eventually break free an go on to become a home owner in this city.
With the biggest of burdens already behind them,
property owners who own their homes outright can
manage to get by on less.
oops, i just posted above about one of these in Astoria, I just got an email back from them... $2320 for a one bedroom... that is above the market rate, thanks alot Housing Connect
I'm seeing more and more scams, and more and more underhanded stuff going on in NYC these days
the city uses neighborhood/project zip codes for determining data not surrounding county/suburban data ... this is per a couple of folks I know working at HPD on affordable housing developments.
Nonsense,
Quote:
For 2018, the AMI for New York City is $93,900 for a three-person household (100 percent of AMI).
Oddly, New York City’s AMI is not just confined to NYC’s five boroughs, but also includes Putnam, Rockland and Westchester counties. It’s defined as the “New York, NY HUD Metro FMR Area.” (Here is an explainer as to why these counties’ data are configured into NYC’s AMI.)
That $93,900 is preposterously higher than the NYC median household income of $50.711.
HPD has NOTHING to do with setting AMI's, nor do local zip codes. THis is done at the federal level by HUD. Your "Friends at HPD" seem to be a good reason why HPD is often such a clueless operation.
And then you get to THIS preposterous level for affordable houing:
165% of AMI
$176,055 - Family of four
$158,565 - Family of three
$140,910 - Family of two
$123,255 - Individual
In what universe should people making this kind of money get subsidized housing??? But they DO. THe upside is that they must pay approximately 30% of their income in rent, quite a chunk-o-change. So they wind up paying close to market while the developer gets a big tax break. Any AMI over 100% should be denied a tax break if any kind. And AMI should be CITY annual median income...period.
Last edited by Kefir King; 07-15-2019 at 09:06 AM..
Building began planning in 2013 and was constructed 2014-2016, with the affordable units advertised May-July 2018 and they are just finishing filling those now.
That means they got the permits years before, it was probably one of those buildings that submitted the application right before 421a was expiring.
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