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

… 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 income or … geography The Department of Housing and Urban Development is the agency charged with calculating AMI which determines …

By Celia Young |October 22, 2024 - 9:30AM
What’s the average flip tax for a condo or co-op in New York City?

… familiar with the myriad fees that come with buying in New York City But theres one more cost you should watch out … if you live in a coop or a transfer fee if you live in a condo which usually amounts to 1 to 2 percent of the sales … … Fees are another cost for a buyer or a seller in a tough market Manhattan condos and coops spent about two and a half …

By Celia Young |April 1, 2024 - 2:30PM
Understanding ‘succession rights,’ a complex issue for rent-regulated tenants

… When they vacate the apartmentwhether they pass away move into assisted living or migrate to milder climatesyou may want … landlord that they had moved out Tenants who failed to give their landlord a heads up could be evicted through a … 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
What is a cash-out refinance? Are these done in NYC?

… If youve owned your apartment or house for a while and want to tap into the equity of your place one option is to arrange for a cashout refinance This is where you … the cost of buying the property you are putting some of what youre borrowing in your wallet When you refinance it …

By Emily Myers |September 18, 2023 - 3:00PM