HDFC Cooperative Maximum Income Standards:
HDFC cooperatives have maximum income standards for shareholders, tenants of the cooperative, and subtenants of shareholders. The standard definition of "affordable" has changed during the existence of the program so shareholders must consult their corporate documents to determine the standard applicable to their cooperative.
Building requirements can vary based on variables such as how long the building has been an HDFC Coop, restrictive covenants such as flip taxes, right of first refusal and board approval.
One common standard is that the income of the incoming family/household can be no more than six times the annual maintenance plus a factor for utilities for households of fewer than three. For households with three or more occupants, the factor is seven times the maintenance plus a factor for utilities.
For a household less than three if the maintenance is $625/month:
AMI (Area Median Income)
The other common standards are that incoming families can earn no more than 120% of the median income of the metropolitan area or 165% of the median income of the metropolitan area.
Building requirements can vary based on variables such as how long the building has been an HDFC Coop, restrictive covenants such as flip taxes, right of first refusal and board approval.
One common standard is that the income of the incoming family/household can be no more than six times the annual maintenance plus a factor for utilities for households of fewer than three. For households with three or more occupants, the factor is seven times the maintenance plus a factor for utilities.
| 225 South 3rd Street, Williamsburg |
Income restrictions are based on the maintenance plus utility formula Section 576 of the NYS PHFL. (6-7x maintenance plus utilities)
For a household less than three if the maintenance is $625/month:
$625+ utilities (max allowed) $150/month x 12 =$9300
$9300 x 6 = $55,800. The maximum gross income allowed to purchase is $55,000.
For a household more than three if the maintenance is $626/month:
$625 + utilities (max allowed) $150/month x 12 =$9300
$9300 x 7 = $65,100. The maximum gross income allowed to purchase is $65,100
AMI (Area Median Income)
The other common standards are that incoming families can earn no more than 120% of the median income of the metropolitan area or 165% of the median income of the metropolitan area.
| 45 West 110th Street (165%) |
| 16 Morningside Avenue, HDFC (120%) |
The following is the maximum Income allowed for HDFC coops
based on Area Median income (AMI) and Family Size for 2019
Family | 30% of | 40% of | 50% of | 60% of | 80% of | 100% of | 120% of | 130% of | 165% of |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $22,410 | $29,880 | $37,350 | $44,820 | $59,760 | $74,700 | $89,640 | $97,110 | $123,255 |
| 2 | $25,620 | $34,160 | $42,700 | $51,240 | $68,320 | $85,400 | $102,480 | $111,020 | $140,910 |
| 3 | $28,830 | $38,440 | $48,050 | $57,660 | $76,880 | $96,100 | $115,320 | $124,930 | $158,565 |
| 4 | $32,010 | $42,680 | $53,350 | $64,020 | $85,360 | $106,700 | $128,040 | $138,710 | $176,055 |
| 5 | $34,590 | $46,120 | $57,650 | $69,180 | $92,240 | $115,300 | $138,360 | $149,890 | $190,245 |
| 6 | $37,140 | $49,520 | $61,900 | $74,280 | $99,040 | $123,800 | $148,560 | $160,940 | $204,270 |
| 7 | $39,720 | $52,960 | $66,200 | $79,440 | $105,920 | $132,400 | $158,880 | $172,120 | $218,460 |
| 8 | $42,270 | $56,360 | $70,450 | $84,540 | $112,720 | $140,900 | $169,080 | $183,170 | $232,485 |
Source: U.S. Department of Housing and Urban Development, NYC Housing Preservation Development
NYC Income Bands and Percent of AMI
Income Band | Percent of AMI |
|---|---|
| Extremely Low-Income | 0-30% |
| Very Low-Income | 31-50% |
| Low-Income | 51-80% |
| Moderate-Income | 81-120% |
| Middle-Income | 120-165% |
The above information is provided as a general guide. Each listing will state the specific income requirements for each building.
It should be noted that under the private Housing Finance Law, all HDFCs must be low,/moderate,middle/income. The specific definition of low income for some HDFC cooperatives were time limited and have expired, the cooperation must adopt a new standard. The highest standard that HPD will accept is 165% of the median income for the metropolitan area.
updated 5/20/2019
More info about HDFC Coops:
HDFC Coops | Facts vs Myths
The Flip Tax
Restrictive Covenants
HDFC Coops | Facts vs Myths
The Flip Tax
Restrictive Covenants
