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PRESENTATION
Affordability structure for existing residents and new purchasers
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ยท
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The project implements a tiered pricing structure to ensure affordability for both existing residents and new purchasers. This structure is designed to accommodate various income levels and maintain long-term affordability.
- Existing residents earning up to 80% AMI will pay $250 to purchase their converted unit.
- Existing residents earning more than 80% AMI will pay $2,500 to purchase their converted unit.
- New purchasers of vacant units will have prices set affordable to 80% AMI.
- Purchase prices for new buyers are structured so that personal mortgages plus monthly maintenance and utilities will not exceed roughly one-third of their income.
Regina Lovitt
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To speak on the affordability of the units, existing residents will pay $250 if they are earning up to 80% of the area median income.
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Residents that earn more than 80% of the area median income will pay $2,500 to purchase their converted unit.
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Existing residents will not obtain personal mortgages for the purchase of their units, and we anticipate that the vast majority, if not all, of the existing residents of the projects will qualify for the lower $250 sales price.
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For new purchasers of the currently vacant units, of which there are 58, purchase prices will be set affordable to 80% of area median income.
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Those prices are set so that purchasers' personal mortgages plus monthly maintenance and utilities will not exceed roughly one third of their income to remain affordable per federal definitions of housing cost burden.
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The area median income for a family of three in 2024 is shown below on the slides.
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Next slide, please.