QUESTION
Council Member Yusef Salaam Asks About AMI Calculation for Housing Projects
0:46:12
·
84 sec
Council Member Yusef Salaam questions the panel about the Area Median Income (AMI) calculation used for housing projects, seeking clarification on the AMI percentages and their impact on affordability categories. The discussion addresses federal guidelines on AMI and developer discretion in setting rent limits, highlighting the complexity of housing affordability metrics.
Speaker 4
0:46:12
Actually, I do have a question, and it might be to this particular project.
0:46:17
As I was understanding AMI, and correct me if I'm wrong.
0:46:24
It's it's the a it's the correct description of AMI up to meaning like 0 to 30%.
0:46:33
For that particular category, 0 to 50%.
Speaker 17
0:46:37
No.
0:46:37
Let me explain
Speaker 4
0:46:38
it to 80%, because when I hear up to
Speaker 17
0:46:41
no.
0:46:41
It's the area median income, and the developers Yeah.
0:46:45
They use the federal Ariel, they don't have to do it.
0:46:50
They do it out of convenience because
Speaker 13
0:46:52
No.
Speaker 17
0:46:54
The if you're going, for example, the Low Income Housing Tax Credit, a developer.
0:47:00
Right?
0:47:00
So HUD would require them to offer 80% you know, like so many units at 80% of the AMI or lower.
0:47:11
It it still gives the developer an opportunity to offer it at even 10%.
Speaker 1
0:47:17
Sir, thank you so much.
0:47:19
I think that the council member would like to ask the question of the panel that gave the presentation, and they would we can do that at a later date.
0:47:29
But we wanna thank this this being no more questions on this panel.
0:47:33
The witnesses are now excused.
0:47:35
Thank you so much.