Requirements for Affordable Housing Incentives
What is Affordable Housing?
Affordable housing is defined as buildings in which at least 25% of the dwelling units are, or are expected to be, occupied by households earning no more than 80% of the area or State median income, whichever is higher. Affordable housing documentation must be submitted with the Affordable Multifamily Energy Efficiency Program application package.
A project may qualify for affordable housing incentives by either Proxy Eligibility or Rent Roll Eligibility.
Proxy Eligibility
The program recognizes certain proxies as proof of compliance with the approved definition of affordable housing.
|
Eligibility Proxy |
Details |
Documentation Required |
|---|---|---|
|
Eligibility Proxy US HUD, USDA-RD, and other Federally Regulated Affordable Housing |
Details Properties receiving one of the following subsidies from HUD or USDA-RD:
|
Documentation Required Copy of the HUD contract or contract award notice |
|
Eligibility Proxy DHCR-Regulated Affordable Housing |
Details Buildings with subsidized mortgages or contracts that place them under the regulatory control of NYSDHCR |
Documentation Required Copy of NYSDHCR contract or contract award notice |
|
Eligibility Proxy Low Income Housing Tax Credits |
Details Properties that receive tax credits for at least 50% of its units |
Documentation Required Copy of tax credit award notice from NYSDHCR or NYCHPD |
|
Eligibility Proxy NYCHPD-Regulated Affordable Housing (or other local housing agency) |
Details Properties with loans, mortgages, or deeds of purchase (HDFC incorporation) from NYCHPD or other local housing agencies |
Documentation Required Documentation of current mortgage, loan closing, HDFC incorporation or deeds |
|
Eligibility Proxy SONYMA mortgage insurance |
Details Properties subsidized for low- to moderate-income multi-family residents with SONYMA subsidized financing through the HFA |
Documentation Required Copy of loan closing/mortgage insurance award documents |
|
Eligibility Proxy Weatherization Assistance Program |
Details Properties that have fulfilled the eligibility requirements for the Weatherization Assistance Program |
Documentation Required Copy of the letter from the Weatherization Agency confirming the project’s income eligibility |
|
Eligibility Proxy HFA 80/20 Program |
Details Properties that have been accepted into the Housing Finance Agency’s 80/20 Program |
Documentation Required Copy of the award letter or HFA contract documents |
|
Eligibility Proxy NYCHDC 80/20 or Mixed Income Programs |
Details Properties that have been accepted into the NYC Housing Development Corporation’s 80/20 Program or Mixed Income Program |
Documentation Required Copy of the award letter or HDC contract documents |
|
Eligibility Proxy Mitchell-Lama Buildings |
Details Properties that are currently NYS or NYC supervised Mitchell-Lama buildings |
Documentation Required Copy of NYSHCR or NYCHPD contract or recent annual report confirming active Mitchell-Lama status |
Rent Roll Eligibility
This type of qualification may be used by projects that do not meet the proxy requirements. Twenty-five percent of the dwelling units must have a calculated household income no more than 80% of the State or area median income, whichever is higher, based on the assumption that 30% of household income is applied to housing costs (i.e., rent). Applicants must submit the annual rent, size, and occupancy for each apartment on the property. A calculation spreadsheet tool is available for determining Rent Roll income eligibility.