{"id":17268,"date":"2023-05-19T15:00:00","date_gmt":"2023-05-19T19:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=17268"},"modified":"2023-07-26T16:58:32","modified_gmt":"2023-07-26T20:58:32","slug":"income-restricted-apartments-guide","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/income-restricted-apartments-guide\/","title":{"rendered":"Income-Restricted Apartments"},"content":{"rendered":"\n

It\u2019s no secret that New York City is one of the most expensive cities in the world<\/a>. The average rent for a studio apartment is over $3,000 per month. <\/a>The minimum wage is $15 an hour in New York. You would need to work 200 hours each month just to afford rent for an average studio. The need for affordable housing in New York City is more important than ever, but anyone who has searched for affordable real estate in NYC knows that it can be tough to find, and even harder to secure. Income-restricted apartments offer the opportunity to tenants with low income – in these apartments, rent is capped at a fixed rate.<\/p>\n\n\n\n

What is an income-restricted apartment? <\/h2>\n\n\n\n

The New York City Housing and Development Corporation (HDC<\/a>) funds affordable rental properties \u201creserved for households that meet certain income restrictions, commonly referred to as either low-income or middle-income.\u201d These buildings can be owned by the city or private owners who receive government subsidies in exchange for offering income-restricted housing. Some buildings can be entirely income-restricted, while others may have a mix of income-restricted units and non-income-restricted units. These income-restricted apartments have rent capped at a fixed rate based on the median income of the area<\/a>. <\/p>\n\n\n\n

Income-restricted vs. income-based<\/h2>\n\n\n\n

Though these two terms are similar, they have slightly different meanings. <\/p>\n\n\n\n