The U.S. Department of Housing and Urban Development has just issued the 2024 Area Median Income numbers for the NYC Metropolitan Area (“AMI”) which show an approximate 10% increase over 2023 AMI numbers. AMI numbers are typically used by regulatory agencies to calculate the income limits and rents for affordable housing units. The NYC Department of Housing Preservation & Development (“HPD”), NYC Housing Development Corporation (“HDC”) and NYS Housing Finance Agency (“HFA”) will take some time to incorporate 2024 AMI numbers into their materials (Regulatory Agreements, Restrictive Declarations, Workbooks, etc.) for new projects.
If you would like to discuss how the 2024 AMI numbers or other issues may affect a property you are developing, purchasing, financing or operating, please contact your trusted R&E attorney or Daniel M. Bernstein, Member and Head of R&E’s Tax Incentives & Affordable Housing Group, or Nicholas DiLorenzo, Counsel, who authored this alert.