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 … area median income or AMI defines the median incomes for households of different sizes within a certain geography The … and New York State have a handful of programs that give tax breaks to developers who reserve units for lowerincome …

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 … in May 2017 We are presenting it again with updated information for April 2024 … So how does a reverse mortgage … as their primary residence So you cant live at your beach house while still collecting cash via a reverse …

By Celia Young |April 2, 2024 - 3:30PM
What are land-lease buildings? Are they common in NYC?

… majority of residential buildings in New York City own the land they sit on but a tiny percentage rent the land from … like any other lease It allows the building to occupy the property according to the specific terms of the lease says attorney …

By Evelyn Battaglia |December 4, 2023 - 12:30PM
What is a working capital fund contribution for condos? Are these common in NYC?

… If youre looking to buy a condo in New York City youve probably … something called a working capital fund contribution for those purchasing a condo at a new development A working … additional fee paid by the buyer at closing thats meant to help a condo building raise money to pay for its operations …

By Celia Young |October 9, 2023 - 1:30PM