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.

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.

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


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 2018


11 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

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


  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?



  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


    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.

Post a Comment

All related comments are welcome. Spam will be deleted.


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2016 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved