Saturday, January 10, 2015

Seeking affordable housing? Some guidance from FAC document and in upcoming seminars

There's clearly a huge demand for affordable housing in Brooklyn, and many of those who seek it need guidance on applying for it. The Downtown Brooklyn Partnership is sponsoring seminars in tandem on various nonprofit groups.

More than 1,000 people attended the first seminar on Thursday, July 31 hosted by Churches United for Fair Housing (CUFFH) at Brown Memorial Baptist Church  in Clinton Hill.

The remaining seminars will be held at 6:30pm on:

Looking at the numbers

As shown in the presentation at bottom, the "affordable housing" differs enormously, from 40% of Area Median Income (AMI) up to 165% of AMI.

It's more precise to use the term "income-linked," since all "affordable" means is that you pay 30% of your income.

However, the official AMI for New York City is distorted by wealthy suburban counties, so it was $85,900 in 2013 (and $83,900 in 2014).

However, New York City's Median Family Income (MFI) is $61,600, and Brooklyn's is $49,000.

That's a huge divergence; in fact, the Brooklyn MFI is 57-58% of the 2013 or 2014 New York City AMI numbers.

That means that many of those in Brooklyn are competing not for affordable housing at 80% and above or AMI, but rather 60% and below.

In other words, a lot of the Atlantic Yards affordable housing is beyond them, since 65% of the units in the next two "100% affordable" towers would go to households earning 145% of AMI and above.

As noted in the graphic at right, there are several locations in and around Downtown Brooklyn that are expected to include some measure of affordable housing.

An overview from the Fifth Avenue Committee

The document below (also here) provides an overview on the buildings, the range of incomes, and the application process. One thing to note: a 600 credit score is required.

1 comment:

  1. The unfortunate term gentrification is intended to suggest that the middle class - which is not the gentry and which does not build housing - is responsible for the lack of affordable housing in NYC. Pitting one group against another is nothing new. What's wrong with Yoga?

    History shows that there is a lack of affordable housing because it is not being constructed and maintained as such by government. This has been well understood since 1933. We do not have to invent explanations or blame the middle class.

    Progressives should abandon the word gentrification and use a more accurate descriptor, perhaps rent profiteering.