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 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 …

By Celia Young |October 22, 2024 - 9:30AM
What are land-lease buildings? Are they common in NYC?

… The vast majority of residential buildings in New York City own … buyers need to be aware of  In a lot of ways a land lease is just like any other lease It allows the building to … knowing when the lease expires is important The unknown of what could happen can be scarier for say a landlease coop on …

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