North Brooklyn has experienced rapid real estate development with many properties a mix of market and affordable rental apartments. The actual rent levels and income requirements can vary, which can make many ask, “How is affordable defined?”
It is important to look at the rent levels in each project and how much income is required to pay that monthly rent. Generally, the U.S. Department of Housing and Urban Development (HUD) targets that definition to apply to households paying no more than 30% of their gross income toward rent.
Household income is reviewed based on Area Median Income (AMI), also known as Income Limits. It is a measure of affordability determined yearly by HUD. New York City uses AMI Levels to set income qualifications and rents in affordable housing. There is one AMI for NYC; there aren’t separate AMIs for each neighborhood or borough. Low-income households are usually defined as between 60%-80% AMI, very low-income households are at 40-50% AMI, and extremely low-income are below 40% AMI.
Due to NYS real estate exemption programs, many affordable units constructed in North Brooklyn can be as high as 130% AMI.
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