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I make less then you and still live an enjoyable life in nyc.
This. I'll be out of the 60% AMI bracket by next year, so I too don't make a lot of money by NYC standards, but I find a way to make it work.
Every time I log into Credit Karma, I cry because I see the total available credit limit at $60,500 wishing and praying I could swap my credit limit with my current salary. In due time, though.
The one good thing is that I don't have considerable debt, so I can go out to eat or drink, or go to social events quite often. I still contribute to my 401K, my IRA, and my regular savings account as well.
I guess as long as I keep my debts low, and don't impregnate any females (I'd probably have to be drunk, and high on ecstasy to even get it up for a girl), I'll be fine. I don't spend more than I make. Lots of people spend more than they make for dumb reasons. Being Instagram "famous" doesn't mean sh*t. Poppin' $500 bottles for the gram, when I can get that same bottle at the liquor store for $30, doesn't mean sh*t. I see lots of this on my Instagram feed, and these same people want to ask me to loan them money... Get real.
Sure I'm not making 6 figures or living in a condo, but hey, I live a decent life for what's it worth. Then again, I know quite a few people who make more than twice or 3 times as much as me, and they're freaking miserable. How do I know? Because they are inboxing me everyday with their problems. I guess money truly doesn't buy happiness after all, huh?
At the end of the day, I'm just going to continue doing what I have to do.
On topic. I don't live in a luxury 80/20, but I do live in affordable housing. I reside in Mott Haven, and to be honest, not many locals even qualify for the new buildings coming up. The AMI for Mott Haven is well below the 60% requirement for almost every development that is currently up, and live in the area. There's new construction that is catering to the 40% and 50% brackets, albeit, not by much. More incomes fall between these percentages, and even less.
Interesting to note, there is also construction that will cater to 100%, 110%, and 120% AMI, so more people with higher incomes will be floating in soon enough. Odd that 80% is left out, since I feel this is one of the biggest and often times, forgotten brackets.
I'm a single, and was awarded a one-bedroom. So contrary to popular belief, singles can be awarded a one-bedroom unit; though they are prohibited from two-bedroom+ units for obvious reasons.
At least in my case, it has been a completely positive experience. I'm an entry level Jr. IT Support Technician working in advertising. Starting salaries for entry levels techs, in advertising specifically, usually start at $35,000 - $40,000 with no experience, so it placed me directly into the 60% AMI bracket.
Because of the fact lots of people in Mott Haven won't even see incomes that high meant competition was pretty non-existent. I was assigned a number of 37,XXX. They could not fill 13 units by the time they reached my number. Even with community preference, having a log number that high isn't good news, since they go in order, starting from 1. But I'm not complaining.
Many many ny-ers qualify for NYCHA, you can make up to $53,000 for 1 person...
You need to start realizing, you are better off then many people. I make less then you and still live an enjoyable life in nyc. If you aren't happy hear then move. No one is keeping you here and your dog will follow you where ever you go. I moved many times in my life, its not that hard to start over somewhere else. Pick a city and start looking for a job....
I am in Yuma,az trying to move in or near NYC. Possibly Hazlet if now new York. I haven't been there since I was a teen. any advice for a mom with 2 children , dog and cat?
I am in Yuma,az trying to move in or near NYC. Possibly Hazlet if now new York. I haven't been there since I was a teen. any advice for a mom with 2 children , dog and cat?
First off start your own thread, on this forum its considered rude to hijack someone thread.
My advice is don't come to NYC if you can't afford market rate rent.
Enough ny-er are having trouble surviving here that have been here many years now.
I think you're wrong here. The 80/20 programs are based on propetty tax exemptions, which come from the state level. The feds have nothing to do with this.
Quote:
Originally Posted by mathjak107
80/20 has nothing to do with nyc . it comes from a federal regulation.
nys funded financing programs to developers by selling tax exempt bonds to the public.
in order for these bonds to be tax exempt to the buyers of the bonds the financing can only go to projects with 20% lower income housing
I think you're wrong here. The 80/20 programs are based on propetty tax exemptions, which come from the state level. The feds have nothing to do with this.
No, you're wrong and he is correct. This program has everything to do with the federal law and tax exempt bond financing. The state just administer the program.
This. I'll be out of the 60% AMI bracket by next year, so I too don't make a lot of money by NYC standards, but I find a way to make it work.
Every time I log into Credit Karma, I cry because I see the total available credit limit at $60,500 wishing and praying I could swap my credit limit with my current salary. In due time, though.
The one good thing is that I don't have considerable debt, so I can go out to eat or drink, or go to social events quite often. I still contribute to my 401K, my IRA, and my regular savings account as well.
I guess as long as I keep my debts low, and don't impregnate any females (I'd probably have to be drunk, and high on ecstasy to even get it up for a girl), I'll be fine. I don't spend more than I make. Lots of people spend more than they make for dumb reasons. Being Instagram "famous" doesn't mean sh*t. Poppin' $500 bottles for the gram, when I can get that same bottle at the liquor store for $30, doesn't mean sh*t. I see lots of this on my Instagram feed, and these same people want to ask me to loan them money... Get real.
Sure I'm not making 6 figures or living in a condo, but hey, I live a decent life for what's it worth. Then again, I know quite a few people who make more than twice or 3 times as much as me, and they're freaking miserable. How do I know? Because they are inboxing me everyday with their problems. I guess money truly doesn't buy happiness after all, huh?
At the end of the day, I'm just going to continue doing what I have to do.
On topic. I don't live in a luxury 80/20, but I do live in affordable housing. I reside in Mott Haven, and to be honest, not many locals even qualify for the new buildings coming up. The AMI for Mott Haven is well below the 60% requirement for almost every development that is currently up, and live in the area. There's new construction that is catering to the 40% and 50% brackets, albeit, not by much. More incomes fall between these percentages, and even less.
Interesting to note, there is also construction that will cater to 100%, 110%, and 120% AMI, so more people with higher incomes will be floating in soon enough. Odd that 80% is left out, since I feel this is one of the biggest and often times, forgotten brackets.
I'm a single, and was awarded a one-bedroom. So contrary to popular belief, singles can be awarded a one-bedroom unit; though they are prohibited from two-bedroom+ units for obvious reasons.
At least in my case, it has been a completely positive experience. I'm an entry level Jr. IT Support Technician working in advertising. Starting salaries for entry levels techs, in advertising specifically, usually start at $35,000 - $40,000 with no experience, so it placed me directly into the 60% AMI bracket.
Because of the fact lots of people in Mott Haven won't even see incomes that high meant competition was pretty non-existent. I was assigned a number of 37,XXX. They could not fill 13 units by the time they reached my number. Even with community preference, having a log number that high isn't good news, since they go in order, starting from 1. But I'm not complaining.
The ONLY reason you're living OK on $40K is because you have an affordable housing apartment.
Your entire statement means nothing because your case is an exception and not the norm. Most will not get an affordable housing apartment. Most singles making ~$40K in NYC will not be living a "decent life" for too long without some kind of government subsidy/support.
80/20 is a federal program , states take advantage of the tax code that allows them to do it . that does not mean the federal gov't funds a thing , it is funded by individual state programs that raise financing , but as the op thought it is not just an nyc thing . it is from federal tax code that allows it
"According to the Federal Tax Code, at least 20% of the units must be set aside for households with incomes at 50% or less of the local Area Median Income (AMI), adjusted for family size. Alternatively, 40% or more of a project's units (25% in New York City) must be affordable to households whose income is 60% or less than the local AMI, adjusted for family size.
Under the 80/20 program, for specific periods of time 20% of a project's units must remain affordable to low-income households and these units will be subject to a Regulatory Agreement between the owner and HFA. HFA's Regulatory Agreement assures that the maximum rent on these affordable units cannot exceed 30% of the applicable income limits. The remaining units in an 80/20 project can be rented at market rates.
The tax-exempt bond financing generates 4% "as of right" Low Income Housing Tax Credits (LIHTC), which can either be syndicated to generate part of the required equity a borrower must contribute to the financing or be utilized to offset the borrower's tax payments. All bonds or bond financed mortgages, including those financed under the 80/20 Program, must be credit enhanced.
Credit enhancement provides security for bondholders and ensures a higher rating on the bonds issued, which in turn produces a lower mortgage rate."
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