TESTIMONY
Testimony: Alex Rodney, Director of New Construction Finance at HPD, on AMI Calculations
1:13:02
·
88 sec
Alex Rodney, serving as the Director of New Construction Finance at HPD, responds to Council Member Salam's inquiry about Area Median Income (AMI) calculations for housing projects. Rodney clarifies how AMI is used to determine maximum income for qualifying households, emphasizing that tenants in a 30% AMI unit will not earn more than 30% of AMI. He also highlights the flexibility and benefits for tenants with federal, state, or city rental assistance vouchers.
Speaker 22
1:13:02
I'm Alex.
1:13:03
Rodney.
1:13:03
I'm the director of new construction finance at HPD, and I wanted to respond to account's member, Salam's AMI question.
1:13:12
The area median income is the tool that HPD uses to set the maximizing maximum income qualifying households in our units.
1:13:21
So in direct response to your question, a tenant in a 30% AMI unit will earn no more than 30% of AMI.
1:13:32
The lowest qualifying income for that tenant is set so that an applicant pays no more than 35% of their income on rent.
1:13:42
So that exact amount is highlighted in the chart.
1:13:45
It's 29,700, and could I believe it's page 3.
1:13:52
And and could shift depending on the household size.
1:13:57
That's for a tenant that's paying rent.
1:14:00
Great HPD projects and affordable housing projects in general are also a great resource for tenants that have a federal state or city rental assistance voucher in that attendance with the rental assistance voucher there are no minimum income qualifications.
1:14:21
They could be earning $0 so long as they have a voucher that pays the qualifying rent of the building.
1:14:29
Thank you.
Speaker 1
1:14:30
Thank you.