The monthly rent for an “affordable” apartment in New York depends on what is called “area median income” (AMI). Here, things get a little more complicated. Meanwhile, the initiative of the mayor of Bill de Blasio “Mandatory Inclusive Housing” (Mandatory Inclusionary Housing initiative) requires developers to create permanently affordable housing in new residential complexes.Īs soon as the developer prepares to lease the building, he begins to work with the Department for the Conservation and Development of Housing or with the Housing Development Corporation to allocate affordable housing units. ![]() Developers receive incentives such as tax incentives from the city and state to create affordable apartments through Affordable New York programs.
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