Pols Want New Eligible Income Formula for Affordable Housing

(DNAINFO)  Amy Zimmer | February 26, 2017 Two Albany lawmakers want to change the formula used to determine affordable housing eligibility.

Two Albany lawmakers hope to change the formula determining eligibility for affordable housing.

Astoria and Long Island City’s Sen. Michael Gianaris and Rep. Brian Barnwell want to create income bands for affordable units funded with 421-a tax breaks or other subsidies to be based on the median income from the zip code where a project is based, according to a bill proposed last week, as previously reported by the Real Deal.

Under the current requirements, prospective tenants’ eligibility for affordable apartments — and rents that are charged — are based on the Area Median Income, or AMI, calculated by the federal Department of Housing and Urban Development, which uses incomes of residents in the five boroughs, along with the more affluent areas of Westchester, Putnam, and Rockland counties. Many New York City housing advocates and politicians have long said the HUD formula skews what New Yorkers can actually afford.

“It shouldn’t matter what is affordable in Westchester to determine what is affordable in Queens,” Barnwell said in a statement.

Some advocates, however, raised questions about possible unintended consequences of the bills.

Source: Pols Want New Eligible Income Formula for Affordable Housing – Long Island City – DNAinfo New York