Oct 2, 2012

HDFC Coop Maximum Income Standards


HDFC Cooperative Maximum Income Standards:

HDFC cooperatives have maximum income standards for shareholders, tenants of the cooperative, and subtenants of shareholders. The standard definition of "affordable" has changed during the existence of the program so shareholders must consult their corporate documents to determine the standard applicable to their cooperative.

517 West 48th Street, HDFC

Building requirements can vary based on variables such as how long the building has been an HDFC Coop, restrictive covenants such as flip taxes, right of first refusal and board approval.

One common standard is that the income of the incoming family can be no more than six times the annual maintenance plus a factor for utilities for families of fewer than three. For families with three or more occupants, the factor is seven times the maintenance plus a factor for utilities. The other common standards are that incoming families can earn no more than 120% of the median income of the metropolitan area or 165% of the median income of the metropolitan area. 


HDFC Cooperative Median Income Standards: 2010   

Household Size Maximum Income 120%  Maximum Income 165% 
 1 $66,600 $91,600
 2 $76,100 $104,600
 3 $85,550 $117,650
 4 $95,050 $130,700
 5 $102,700 $141,250
 6 $110,300 $151,650
 7 $117,950 $162,200
 8 $125,500 $172,600

Source: NYC Department of Housing Preservation & Development
nyc.gov/hpd 

updated: 2013
median income standards

The median income of the standard metropolitan statistical area for 2013 is ($85,900) based on household of 4 

HDFC Coop Income Requirements. Maximum income not to exceed 120% of AMI (Area Median Income) based on household size. 
Maximum Income Allowed is as follows: 
Individual - $ 72,150
2 - $ 82,500
3 - $ 92.775
4 - $ 103,080
approx: $10,000 per person 

HDFC Coop Income Requirements. Maximum income not to exceed 165% of AMI (Area Median Income) based on household size. 
 
Maximum Income Allowed is as follows:
Individual -  $99,330
2 - $113,520
3 - $127,710
4 - $141,735
5 - $153,00
6 - $164,505
    
It should be noted that under the private Housing Finance Law, all HDFCs must be low income. The specific definition of low income for some HDFC cooperatives were time limited and have expired, the cooperation must adopt a new standard. The highest standard that HPD will accept is 165% of the median income for the metropolitan area.










 
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2 Responses to " HDFC Coop Maximum Income Standards "
  1. Vivian said...
    November 04, 2013

    do you have a list of HDFC's that are in the 165% category?
    Vivian Ducat
    Halstead Property
    vducat@halstead.com

  2. Mitchell Hall said...
    November 14, 2013

    No

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