ANHD explains: not only are many "low-income" units not aimed at truly needy, AMI "high housing cost adjustment" makes things worse
As I wrote yesterday, the low-income units at the new 1010 Pacific development, however below-market, are not aimed at the truly needy. More than 89% of the households in the city considered rent-burdened--paying more than 30% of their earnings in rent--earn less than 80% of Area Median Income (AMI), according to the Association for Neighborhood Housing & Development (ANHD). Let's take a closer look at their statistics, released last September with their AMI Cheat Sheet, part of a report titled New York City's AMI Problem, and the Housing We Actually Need . (The document is in full at bottom.) Notably, as is clear, those designed "low-income" but earning 80% of AMI, however much they might appreciate below-market new housing, make up a far less rent-burdened cohort--paying more than 30% of income toward rent--than those earning less. Also note that the maximum affordable rent the city allows, $2,402 for a two-bedroom, is likely more than those at the 80% AMI...