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

… citys affordable housing lottery In New York City AMI is based on income data for the five boroughs plus Putnam … a range of affordability options based on the size of the project For example large rental projects with 100 or more … 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?

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 are land-lease buildings? Are they common in NYC?

… real estate law firm Rosenberg Estis  a Brick sponsor By leasing rather than selling the land an individual landowner … a deed So technically a condo cannot sell units if it doesnt own the land though exceptions exist  For example … leases  Quay agrees saying he works with buyers as they see how the deal is set up through the offering plan and the …

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