SLIDE 20 Potential Strategies
Use of local area median income to determine affordability levels in publicly subsidized or incentivized residential development.
Affordable housing, as defined in a Special Zoning District, should be limited to the two lowest bands of the Area Median Income (AMI) – 30% and 50% - reflecting average local incomes.
Income Group % of AMI Maximum Annual Income Max Monthly Affordable Rent Extremely Low-income 30% $22,100 $553 Very Low-income 50% $36,850 $921 Low-income 80% $58,950 $1,474 Moderate-income 120% $88,350 $2,209 Middle-income 150% $110,450 $2,761 200% $147,250 $3,681 U.S. Department of Housing and Urban Development Income Limits for a three- person household in NY Metropolitan Area, 2011
Source: UD HUD Income Limits, Furman Center