WHAT IS AFFORDABLE HOUSING?
Affordable housing is a type of housing that a household can pay for (or afford) after necessary expenses. These necessities include food, utilities, transportation, health care, etc. The word "affordable" really depends on the household's income not whether or not it's inexpensive. The federal government, and more importantly, New York City, defines housing as being affordable when it is 30% or less of a household's income.
HOW IS "AFFORDABILITY" DETERMINED?
Housing is considered affordable if it costs about one-third or less of what the people living there earn, also known as Area Median Income (AMI).
WHAT IS AMI?
“AMI” stands for Area Median Income. It’s a way to determine, based on where you live and your income, whether you can afford to rent an apartment. Click here for New York's AMI.