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

… If youve ever entered New York Citys affordable housing lottery youve probably read one key term … area median income or AMI defines the median incomes for households of different sizes within a certain geography The … and New York State have a handful of programs that give tax breaks to developers who reserve units for lowerincome …

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

… joints in the brickwork or masonry of exterior wallsand it does fall within the MCI category as does waterproofing … needs to have outlived its statemandated useful life schedule so plumbing fixtures can only be counted at MCIs if … … Rent hikes are capped … For rent stabilized apartments in NYC 6 percent is the maximum annual rent increase allowed …

By Celia Young |September 11, 2024 - 10:30AM
What are land-lease buildings? Are they common in NYC?

… like any other lease It allows the building to occupy the property according to the specific terms of the lease says attorney … example is not as likely as a random company thats in the business of leasing land to leave individual owners high and …

By Evelyn Battaglia |December 4, 2023 - 12:30PM