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

… is what it sounds like a home loan where the bank pays you based on your homes value rather than the other way around These loans can help keep a senior in their home by giving them … does a reverse mortgage work … In a reverse mortgage a bank gets more equity in your apartment in exchange for paying …

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

… New York City apartments the rentregulated unit When they vacate the apartmentwhether they pass away move into assisted living or migrate to milder climatesyou may want … the primary tenant leaves or passes away not when they send notice … Proving your succession rights  … Its crucial to

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