Frequently Asked Questions
Browse questions that are constantly being asked by users. Our staff stands ready to serve and answer questions that do not appear on this list.
What is Reside New York?
Reside New York is a Division of “Metropolitan Realty Exemptions Inc.” we proudly serve our clients in New York City’s five boroughs as an approved New York City Housing Preservation and Development (NYC HPD) Affordable Housing Marketing Agency, to market and lease up “Affordable Apartments” for developers of new multi dwelling residential buildings or existing buildings being altered to add more than 50% of the existing square footage who enroll in the Affordable New York Program”.
The “Affordable New York Property tax incentive program also known as “421a Tax Exemption program” provides home owners and developers the benefit of obtaining a property tax break on the new/altered buildings for up to 38 years, which will result in a property tax freeze based on the “as is” annual tax bill of prior to construction assessed value or alteration of their building for the life of the program.
Our firm solely concentrates on the processing and marketing of the Affordable Units in conjunction with the program’s requirements under the Affordable New York Act. We market the affordable housing units to eligible applicants and walk developers and applicants through the entire lengthy marketing process start to finish, until the apartments are leased up.
What is the “Affordable New York” Law?
The New York City Housing Preservation Development (HPD) has introduced and implemented a new tax abatement program, “Affordable New York” formerly known as the 421a Tax Abatement Program. The Affordable New York Program requires 30% of a buildings unit count to be designated as “Affordable Housing”.
The affordable requirements allow potential applicants to earn a maximum annual income of 130% of the Area Median Income (AMI), which in result allows developers to charge rents ranging to the free market value in most areas.
How does Reside New York represent you as an affordable Marketing Agency?
HPD recommends developers to hire a “Marketing Agency” to conduct the complex process of the affordable marketing, we at “Reside New York” represent our client’s interests as an HPD approved “Marketing Agency for the affordable units. “Reside New York” will guide you all through the process of applying with HPD for the “Affordable New York” program up until the successful renting of the units. Services include advertising, conducting the housing lottery, and ensuring that the affordable units are occupied by the tenants who comply with the HPD requirements, simultaneously getting the highest rental income based on the program guidelines.
When should I begin the Affordable Marketing Process of my building?
As per HPD’s guidelines it requires the ownership to pursue the affordable marketing lottery nine months prior the anticipation of obtaining the Certificate of Occupancy for the new or altered building, since the process requires mountains of paperwork and hours of interviews with potential applicants for the marketing agency, it is therefore advisable for the ownership to contact “Reside New York” early in the process of your construction to commence the marketing and avoid any delays.
What’s the rent amount I can charge for the 30% affordable units?
The Affordable New York Program allows renting the affordable units at market rate or close to market rate in most areas to the maximum of 130% AMI (See below detailed chart on bedrooms rent allowance which also depends on who bares the responsibility of paying utilities.)
| Utility’s included | Tenant pays utility’s | ||||
| BR SIZE | Gross Rent | Electric | Electric with Electric Stove | Gas | Electric & Gas |
| studio | $2,375 | $2,320 | $2,307 | $2,357 | $2,302 |
| 1 BR | $2,544 | $2,487 | $2,472 | $2,525 | $2,468 |
| 2 BR | $3,051 | $2,993 | $2,975 | $3,032 | $2,974 |
| 3 BR | $3,526 | $3,452 | $3,431 | $3,506 | $3,432 |
| 4 BR | $3,932 | $3,855 | $3,830 | $3,910 | $3,833 |
| 5 BR | $4,340 | $4,252 | $4,223 | $4,317 | $4,229 |
How should I configure the layout of my building in conjunction with the Affordable Unit Requirements?
Our skilled staff will meet with you or your architect in person at the planning stages of your building to figure out the best way of planning the unit configuration count and layout in addition to the number of bedrooms in each unit, in order to get the outmost utilization and greatest potential which will result in the highest rental income for the client.
How will Reside New York find you eligible tenants, and why choose Reside New York?
- Our skilled team of professional marketing agents are trained and received certificates by HPD and are equipped with the most up to date software systems to process applicant files in a quick manner.
- Our software allows us to process 10’s of thousands of applicants at once in order to save precious time in rejecting the applicants who aren’t eligible.
- com offers exclusive pictures of the interior of each affordable unit, this tool allows the applicant to handpick the specific unit they wish to apply for capitalizing the advantage of not wasting time with unnecessary paperwork and back and fourth with potential applicants who wont end up leasing the units since they didn’t see pictures prior to applying and the unit is not applicable to their desire.
- During the months of the marketing process we constantly update the owner with up to date details on the stage of the marketing.
- Reside New York works closely with free market brokerage firms who assist us in getting eligible applicants to apply for the program, which result in a fast and swift process.
Sit back and relax knowing that “Reside New York” is committed and will take on full responsibility of your affordable marketing and simplify the complex and detailed process.
Try us once you wont regret it!
We are looking forward in discussing your project in detail, please feel free to contact us at:
Contact info
718-387-4448
info@residenewyork.com
Or visit us at ResideNewYork .com to view all projects open to application in addition to upcoming and closed projects.
Tell me more about Affordable Housing
Renting an apartment in New York City for a decent rent price isn’t affordable in these days, which is the reason why the City’s Housing Preservation and Development (HPD) offers property tax incentive programs to lower the property tax for developers and owners of new building who allocate a part of their building to be rented for low or mid-income New Yorkers applying through NYC HPD’S Affordable Lottery named “Affordable New York”.
How many units are allocated for Affordable New York?
Twenty to Thirty percent of the units have been set aside for low or middle-income residents, which means the monthly rent is affordable to low or middle-income households and those households must qualify at the outset. To apply for these units, applicants have to enter a housing lottery administered by NYC Department of Housing Preservation and Development.
Before applying, please take time to carefully read all instructions and the “How to Apply” and “What to Expect” sections.
What is HousingConnect? (HPD Website)
HousingConnect is the New York City HPD’s online platform where they list all the housing opportunities for low – middle or moderate-income households. Its your portal to search and apply for affordable housing opportunities in New York City. The HousingConnect apartments are affordable to some households who earn 100-130% of AMI. And some to households who earn 60-80% of AMI.
What is AMI?
AMI is the Area Median Income which is set by HUD and incorporates the NYC metropolitan area. This is the metric used by the City of New York for all affordable housing programs.
Who should apply?
Everyone who is within the income brackets! If your household income and size are within the range on the chart in the ad provided by Housing Connect immediate of the project you could qualify. If your income is above the maximum or below the minimum allowed by the program protocols please visit NYC Housing Connect Website to see which other housing opportunities could apply to you.
What is a household?
A “household” is generated by all people who will be living with you in the apartment. To be a part of a “household” the applicants have to show proof that they are financially interdependent, as indicated by current leases or utility records demonstrating a shared address, or documentation, such as bank accounts, demonstrating shared assets.
What are the benefits of NYC Housing Lottery?
Saving on rent! Affordable apartments under the HPD Lottery have reduced rents that can save you between $6,000 – $12,000 on rent every year. In addition to the savings, your apartment will also be rent stabilized, which means that your rent can only increase by fixed amount determined each year by the Rent Guidelines Board.
Can I see the apartment in person?
Yes! If you are being called as a winner on an apartment you will be given the opportunity to view the unit.
Will I have access to all building amenities?
Absolutely! You will have access to All amenities provided by ownership to the free and affordable market units in his/her building, unless an entrance fee is being charged to use the amenities for all renters in the building including free and affordable market units.
Are the apartments different from the market rate apartments?
They are the same! The apartments available through the lottery are exactly the same as the market rate apartments. They come with the same finishes and amenities as the market rate apartments, including but not guaranteed to have, hardwood floors, energy efficient stainless steel appliances, in-home washer/dryer, individual climate control and more. For more on the apartment features, see each specific ad.
Is the apartment worth the application process?
Definitely! If you qualify, you have the chance to save thousands of dollars a year on an apartment in a new, amenity-rich luxury building. There is no guarantee you will be called but there is also no risk in applying. There are no application fees, so there is nothing to lose!
Can I move in the first of the next month?
Applying and qualifying for affordable housing can be a long process, and you are not guaranteed to receive housing. Your household must not only qualify with detailed criteria on a property-by-property basis, but you must also be selected at random in that property’s lottery. Preferences noted in the advertisement will be given first consideration.
What are my odds of winning?
It’s impossible to say the odds of winning until the lottery is concluded because we don’t know how many applicants will enter. On an average lottery, 30 thousand applicants apply. As the saying goes “you gotta be in it, to win it!!”
How do I apply?
You can apply in one of two ways.
- Go to NYC HousingConnect and submit your application electronically. You will have to create a profile first.
- Request a paper application by mail. Send a self-addressed envelope to:. **Important: DO NOT SUBMIT MORE THAN ONE APPLICATION. This will disqualify you.
How long does the process take?
Once the deadline date is reached and we begin processing the applications it can take anywhere from 2 – 10 months. Yes, that appears to be a long time but you have nothing to lose and a great apartment to gain if you’re selected.
My partner and I make six figures. Can we really qualify for one of these apartments?
Yes. This is a new program offered through Mayor Bill De Blasio through NYC Housing Preservation and Development. Moderate Income families have also been priced out of the market, so this new program was developed to target moderate-income households. As long as your combined income is within the income range and matching household size stated in the Affordability chart then you have the possibility to qualify. The rule is for housing to be affordable, households should spend no more than one-third of their income on rent and utilities.
How soon can I move in?
Once you have been contacted, provide the requested documents, appear to be eligible and HPD approves your file, you can move in. The apartments are ready!
What happens if I make more money after I move in? Will my rent go up or will I have to leave my apartment?
You can stay in your apartment as long as you wish! provided you abide by the terms of your lease. There are no annual income re-certifications, so you only need to qualify for the apartment once. In addition your rent will not be increased based on your income, only based on what the NYC Rent Guidelines Board determines each year.
How do I calculate my income?
Check out this handy guide that breaks down exactly how to calculate your income.
Which documents will I need to provide if I’m selected?
Click here for a complete list of documents. You will only need documents that are applicable to your household.