Asset Limit Adjustment (New York, York: apartments, rental, calculation)

[WildAboutHarry]

How often, and by what calculation, does the the Asset Limit get raised?
I can’t guess that they just set the Asset Limit many years ago and have never raised it.
Perhaps when the HUD AMI% are adjusted each year they also adjust the Asset Limit.

[macnyc2003]

Yes, the asset limits are tied into the AMIs, so when they go up, the asset limits go up.

[someoneinqueens]

The rule of thumb on asset limit is the highest amount of four people household of your AMI (based on the current one of course) i.e. the asset limit of the applicants of Pacific Park Apartments (130% AMI) should be equal or less than $173,420.

https://housingconnect.nyc.gov/PublicWeb/details/3558

[WildAboutHarry]

This page has the 2023 AMI percentage levels for household sizes. Also ‘2023 New York City Area Affordable Monthly Rents’ at AMI%s are at the bottom of the page.

https://www.nyc.gov/site/hpd/service...an-income.page

I believe the following is true, ‘ The household asset limit for rental units is equal to the maximum income limit for a four (4)-person household at the area median income (AMI) level for which the unit is designated. On the page you might need to scroll across the table to view the high AMI%s