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.
|225 South 3rd Street, Williamsburg|
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.
|517 West 48th St, HDFC (165%)|
|16 Morningside Avenue, HDFC (120%)|
|Household Size||Maximum Gross Income 120%||Maximum Gross Income 165%|
The above information is provided as a general guide. Each listing will state the specific income requirements for each building.
It should be noted that under the private Housing Finance Law, all HDFCs must be low/moderate 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.