What exactly is the 'AMI' that's used to determine affordable housing rents?

… probably read one key term over and over again area median income But what does that actually mean In short area median … that give tax breaks to developers who reserve units for lowerincome renters For example the states low income tax … units For example 60 percent of the incomerestricted apartments built under the citys 421a program between 2017 …

By Celia Young |October 22, 2024 - 9:30AM
What is a 'major capital improvement' and how does it affect the rent?

… not feel so happy when the see the phrase major capital improvements Thats the term used for upgrades that justify a … even in the middle of a lease The city defines an MCI as an improvement benefiting all the tenants in the building … needs to have outlived its statemandated useful life schedule so plumbing fixtures can only be counted at MCIs if …

By Celia Young |September 11, 2024 - 10:30AM
What's a reverse mortgage—and how common are they in NYC?

… basic level a reverse mortgage is what it sounds like a home loan where the bank pays you based on your homes value … law according to the New York State Department of Financial Services NYSDFS Borrowers need to be at least 62 years old …

By Celia Young |April 2, 2024 - 3:30PM