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Does anyone know how often the AMI thresholds are increased for the minimum and maximum income per year for affordable housing lottery eligibility?
Considering the minimum wage in New York just went up two dollars in January (double the usual increase, and the same +$2.00 increase to continue ever January until it's up to $15), will the AMI ranges also increase? It seems like this could affect the total yearly income of a lot of people who are in the low income ranges. In fact, with just the two dollar increase now, for someone who works around 37 hours per week, will have a yearly income increase of around at least 3000 dollars if they are calculating the income based on weekly pay stubs. And yet, as I'm sure many are aware, that $3000 increase in income is still not nearly enough to make us anywhere near able to afford market rate housing, frustratingly. So really, they should already be accounting for this increase in the AMI ranges, but I notice they're still the same as last year in the new lotteries.
AMI is calculated yearly, my research into it indicates that it typically comes out mid-March. I don't know enough about it yet to hazard a guess regarding how the minimum wage increase will (or will not) be incorporated.
Well with the increase in mimimum wage, the chances of those working minimum wage full time being pushed into the already ETREMELY overcrowded and overrepresented income band 3 is a reality. Income band 3 is the worst income band to be in for these lotteries because of the sheer number of people making those earnings.
Well with the increase in mimimum wage, the chances of those working minimum wage full time being pushed into the already ETREMELY overcrowded and overrepresented income band 3 is a reality. Income band 3 is the worst income band to be in for these lotteries because of the sheer number of people making those earnings.
What is "band 3"?
Also, the AMI can go down, as it did a few years ago.
I think it's supposed to go down again in a month or so with the new rules... But it's a set amount. Band 3 is basically very middle low income, not super low income, not low income per se, but I think in the 80% bracket. or 60., but that might be band 2.!?
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