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 over and over … 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's a reverse mortgage—and how common are they in NYC?

… the reverse mortgage loan Reverse mortgages are rare in New York City condo and coop buildings Thats particularly true … for a set amount of timesay 15 or 20 yearsor secure lifetime payments Lenders use a formula that determines life

By Celia Young |April 2, 2024 - 3:30PM
Understanding ‘succession rights,’ a complex issue for rent-regulated tenants

… be named the new leaseholder in a relatives regulated unitare dependent upon a complex set of rules  Those rules … determining eligibility the amount of time a family member lives with the original tenant in the apartment Editors Note … and take over their lease you have to prove that you lived with them for at least two years before they moved out …

By Celia Young |January 9, 2024 - 11:00AM