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

… or AMI defines the median incomes for households of different sizes within a certain geography The Department of … which critics say artificially inflates AMI and as a result rentstabilized rents The AMI for a single person in NYC is … handful of programs that give tax breaks to developers who reserve units for lowerincome renters For example the states …

By Celia Young |October 22, 2024 - 9:30AM
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 … also usually come with costs including closing appraisal application and attorneys fees though origination fees on …

By Celia Young |April 2, 2024 - 3:30PM
What’s the average flip tax for a condo or co-op in New York City?

… But theres one more cost you should watch out for when you sell a flip tax if you live in a coop or a transfer fee if … to our experts   These fees are paid to your board at closing and are usually based on a percentage of the sales … fee … Flip taxes and transfer fees are very common in NYC says Richard Apell controller at property manager Argo …

By Celia Young |April 1, 2024 - 2:30PM