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

… 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 … 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 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 … that lease their sites from NYC and buildings such as Quay Tower in Brooklyn Heights Instead of paying property taxes … of where a coop has been able to buy the land including at Trump Plaza but there are just as many others where the …

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