Sentences with phrase «set area median income»

And Leila Bozorg, chief of staff at HPD, said infill units for tenants earning less than 60 percent of the federally set area median income — roughly $ 46,600 for a family of three — could qualify for the state's 420c tax credit.

The first option would require the builder to allocate a quarter of their new units to people making 60 percent of the federally - set area median income — meaning the apartments would be priced for a family of three making $ 47,000 annually.

Not exact matches

Eight apartments will be set aside for households making at or below 50 percent of the area median income.

For a program that encourages mixed - income housing, developers must now set aside 10 percent of their units for tenants making 30 to 50 percent of the area median income.

The rezoning proposal calls for a minimum of 20 percent of affordable units to be set aside for tenants earning 30 percent of the area median income or less.

The second would have obligated the developer to set aside 30 percent of their new building for people making 80 percent of the area median income, or $ 62,000 for a family of three.

Five percent of the development will be priced for tenants making 60 percent of the area median income, a federally - set average of yearly wages in all of New York City and the state's surrounding suburbs, which currently sits at $ 65,000.

Of the building's 135 studio and one - bedroom units, 82 will be set aside for homeless veterans and the remainder will be rented out to those making up to 60 percent of area median income.

The income limits are set by the median income within each geographical area, and also by family size.

But now properties can set their rents to be affordable to a broader range of residents, as long as the overall income averages out to 60 percent of the area median income.

Instead of a set figure for affordability, the annual review will calculate area median income and then reverse engineer what a buyer would likely be able to afford at current interest rates, assuming a 5 percent down payment.

One - third of the units are set aside for renters making less than 30 percent of the area's median income.