Oct 2, 2012

HDFC Coop Maximum Income Standards 2016


HDFC Cooperative Maximum Income Standards: 2016

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.

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/household can be no more than six times the annual maintenance plus a factor for utilities for households of fewer than three. For households with three or more occupants, the factor is seven times the maintenance plus a factor for utilities.

225 South 3rd Street, Williamsburg
For a household less than three if the maintenance is $625/month: 

$625+ utilities (max allowed) $150/month x 12 =$9300

$9300 x 6 = $55,800. The maximum gross income allowed to purchase is $55,000. 



For a household more than three if the maintenance is $626/month:

$625 + utilities (max allowed) $150/month x 12 =$9300
$9300 x 7 = $65,100. The maximum gross income allowed to purchase is $65,100



AMI (Area Median Income)
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%)
















HDFC Cooperative Median Income Standards: 2016  


Household SizeMaximum Gross Income 120% Maximum Gross Income 165% 
 1$76,125$104,775
 2$87,000$119,625
 3$97,875$134,640
 4$108,750$149,490
 5$ 117,450$161,490
 6$126,150$173,460
 7$134,850$185,420
 8$143,550$197,380

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

http://www.nychdc.com/pages/Income-Eligibility.html

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,middle/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.

updated July 2016

comments

11 Responses to " HDFC Coop Maximum Income Standards 2016 "
  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

  3. Unknown said...
    January 27, 2016

    Your blog is very insightful, I do have a question in regards to these HDFC coops- I found a really beautiful coops in central Harlem and I am planning to keep this as my home (give or take at least 5+ years)however, I am having my attorney looking at their financials and it looks like this building (managed by HSC management corp) has not make any money (still in debt) for the past two years. Is this a lemon? what is the worst case scenario? is this a red flag?

  4. Mitchell Hall said...
    January 27, 2016

    Unknown, Thank you. Your attorney should give you legal advice. It's also a good idea to work with a knowledgeable real estate agent when looking for a NYC apartment that will represent your interests during the purchasing process.

  5. mjd said...
    February 22, 2016

    Do you happen to know which AMI figure can be used? For example, Fannie Mae has a number ($80,700) and the NY Department of Housing has a figure ($86,300). They are different. If I'm looking to buy or sell an HDFC, which one should used?

    https://www.fanniemae.com/s/components/amilookup/7f00b4b9-6ade-4b91-be19-0071f343b1b9?state=

    http://www.nychdc.com/pages/Income-Eligibility.html

  6. Mitchell Hall said...
    March 10, 2016

    AMI figure is from HUD and NYC HPD

  7. Anonymous said...
    March 11, 2016

    is the income based on the previous years tax returns?

  8. Mitchell Hall said...
    March 17, 2016

    According to NYC HPD current income determines eligibility. Each coop may use different methods for determining the total gross income allowed. An HDFC coop may use previous years tax return as evidence of income and they may also require an employer verification letter stating current salary/income.

  9. Mitchell Hall said...
    March 17, 2016

    Mjd
    http://www.nychdc.com/pages/Income-Eligibility.html

    New York City Housing Development Corporation are the numbers used. Please keep in mind the HPD figure ($86,300) is the median income for a family/household of four.

  10. Grand daughter said...
    April 18, 2016

    Informative thank you very much. I do have a question. My grandma owns an apt in the Bronx and now I'm her power of attorney. I would like to know how transfer ownership to myself so we can sell it? Please advise. Thank you

  11. Mitchell Hall said...
    April 18, 2016

    Hi Grand daughter,
    You would need to contact the coop's board or managing agent if coop has a management company to find out how to transfer ownership on the stock certificate to your name. You may need to hire a NYC real estate attorney as well. Good luck.

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