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PRESENTATION
Section 8 voucher support for affordable housing
0:21:18
ยท
95 sec
The project utilizes Section 8 vouchers to ensure affordability for households that may struggle with the new maintenance costs. This support system is designed to protect residents from excessive housing cost burdens.
- Households for whom monthly maintenance is unaffordable will receive a Section 8 voucher.
- The voucher ensures residents do not pay more than 30% of their total income on housing costs.
- The voucher subsidizes the difference between what the resident can afford and the total monthly maintenance amount.
- Vouchers can expand in the future to cover increased gaps if maintenance costs rise but household income doesn't.
- An example is provided showing how a low-income household would benefit from the voucher system.
Regina Lovitt
0:21:18
In other words, the initial residential income will cover anticipated expenses plus a 10% cushion.
0:21:24
Any households for whom the monthly maintenance payment is unaffordable will receive a section eight voucher that ensures they do not pay more than 30% of their total income on housing costs.
0:21:35
The voucher will subsidize the difference between the share that the resident can afford and the total monthly maintenance amount.
0:21:41
The voucher can expand in the future to cover an increased gap if, for example, maintenance increase increases become necessary for the building, but the household's income does not.
0:21:52
Please note that the total monthly expense estimate below is a current estimate of what monthly maintenance may look like at conversion.
0:21:59
But due to the fact that the building cost may change over the period of construction and conversion, the exact cost will be set closer to actual conversion date to ensure that the initial maintenance is set with the most updated information in mind.
0:22:11
All in all, due to the availability of section eight vouchers and the way that the income restrictions are structured, no one will pay more than 30% of their income towards housing costs.
0:22:21
Next slide, please.
0:22:24
This here is example of what the total monthly payments would be for a household in ANTP with an income of $20,000 per year.
0:22:32
The total maintenance for a one bedroom is roughly $1,200 based on the income needed to support the building on a per unit basis.
0:22:41
A shareholder earning 15% of the area median income will only pay $500 which is 30% of their monthly income.
0:22:48
The voucher will subsidize the rest of the maintenance, which in this example case is $700.