QUESTION
Council Member Yusef Salaam Asks About Alternatives to the AMI Model
1:16:21
·
3 min
Seeking clarity on the affordability measures used in housing projects, Council Member Yusef Salaam inquires about the reliance on the Area Median Income (AMI) model and its implications for local communities. This discussion prompts considerations for other potential metrics that might better address the specific needs of lower-income residents in New York City.
Speaker 4
1:16:21
I got a question that you may be able to help me with too.
1:16:25
Since I'm probably maybe the newest member to not necessarily the council, but to the political space as well.
1:16:37
My question is maybe just a question out of curiosity.
1:16:40
Why use the AMI model in the first place?
1:16:43
Meaning, like, is that the only model that can be used?
1:16:46
Are we restricted to AMI, or is there other opportunities because as we heard earlier, I was particularly concerned when I not just walked around the community as a person that was campaigning for office.
1:16:59
But, also, as we rehearse again, the testimony from Julius Tiedredin, 60% of the community is earning far below what that AMI is.
1:17:10
And I'm just wondering because that that committed, that's if that's the majority.
1:17:15
But then we're saying, well, we want the the median of the area, but the majority in this particular area specifically is earning far lower than that.
1:17:25
I'm just wondering, is AMI the only model that can be used?
1:17:29
And if it's not, then is there other things that might be able to be used in in projects like these.
Speaker 22
1:17:40
Yeah, that's I appreciate that question.
1:17:42
And I'd say that's probably the start of a longer conversation that I'm sure HPD would be be happy to to have with you and other members of the council.
1:17:52
So I'll give the the short answer.
1:17:54
And that is AMIs are the established tool for the affordable housing industry.
1:18:04
Across the nation, and they are set based on a broad area for New York City.
1:18:09
So they don't they're not necessarily linked to the smaller districts in which you serve.
1:18:15
And so that's, you know, the discrepancy you you pointed out is accurate.
1:18:20
HPD in the city, while we're bound to use that tool to comply with our the financing other financing sources at our disposal, we're not necessarily we don't necessarily need to or we're still able to size, rents, and AMIs to, you know, serve the community as best as possible.
1:18:48
And so what I mean by that is not every project proposes the same AMI distribution and developers in HPD work to identify MIs that will ensure the long term financial viability of the building while also serving community members.
Speaker 12
1:19:10
I could just add Mhmm.
1:19:11
Quickly time.
Speaker 7
1:19:13
Thank you
Speaker 12
1:19:13
for your question, councilmember.
1:19:15
I just wanted add that the reason why we prioritized units at 30% of the area median income is because of the point you just made.
1:19:26
Because in East Harlem, 60% of AMI is not low income housing.
1:19:32
That's the typical definition for the federal government to get funding for a project like this.
1:19:38
But thanks to the city's extremely low income affordability program, we're able to provide a significant number of units that are at 30% of the area median income, which is affordable to East Harlem residents Harlem residents generally.
Speaker 1
1:19:59
Thank you so much.
Speaker 2
1:20:01
We just asked that if HPD and the applicant team could submit this information and a follow-up, that would be helpful.
