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 … or AMI defines the median incomes for households of different sizes within a certain geography The Department of … 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?

… of themits the technique used to fill joints in the brickwork or masonry of exterior wallsand it does fall within the … gritty of MCIs … To qualify as an MCI the city requires the work to relate to the operation preservation and maintenance … fixtures in the hopes of putting up the rent There are 27 categories on the list including rewiring intercom …

By Celia Young |September 11, 2024 - 10:30AM
What’s the average flip tax for a condo or co-op in New York City?

… already familiar with the myriad fees that come with buying in New York City But theres one more cost you should watch out for when …

By Celia Young |April 1, 2024 - 2:30PM
What are land-lease buildings? Are they common in NYC?

… The vast majority of residential buildings in New York City own the land they sit on but a tiny percentage rent the …

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