of the cooperative, and subtenants of shareholders. The standard definition of
"low income" has changed during the existence of the program so shareholders must
consult their corporate documents to determine the standard applicable to their
|601 West 138th Street, HDFC|
based on variables such as the year building became
Restrictive covenants such as flip taxes, right of
first refusal, board approval and sale policy can
be found in governing documents such as
Certificate of Incorporation, offering plan, bylaws
proprietary lease and regulatory agreement.
One common standard is that the income of the incoming household can be no more than
six times the annual maintenance plus a factor for utilities for families of fewer than three.
For households with three or more occupants, the factor is seven times the maintenance
plus a factor for utilities.
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.
The other common standards are that incoming families can earn no more than a percentage
of the AMI. Many HDFC coops allow maximum 120% of the median income of the
metropolitan area or 165% of the median income of the metropolitan area.
|Household Size||Maximum Gross Income 120%||Maximum Gross Income 165%|
Div of Asset Management
100 Gold Street
New York, NY 10038
Mayor De Blasio’s Housing Plan defines Affordable housing in NYC by the Area Median Income (AMI) as follows:
Extremely Low Income (0-30% of AMI)
Very Low Income (31-50% of AMI)
Low Income (51-80% of AMI)
Moderate Income (81-120% of AMI)
Middle Income (121-165% of AMI)
To List Your HDFC COOP