ex: AIRS (which is 421a compatible) and Section 8 only allow rents up to 80% AMI, this is at 130% AMI.ģ. This program is recommended for 421a approved units as it is better than any other program in terms of rent amounts. Can this work in conjunction with other HPD benefits (AIRS, 421a, MIH, VIH,)? What is the requirement the owner needs to satisfy to qualify for Augmented CityFheps Assistance?Īny Affordable Unit in a project benefiting from the 421a(16) Affordable New York tax exemption program may receive Augmented CityFHEPS Payments.Ģ. Contact us today if your development is eligible and can benefit from this program.ġ. To become an owner participating in these programs is easy. We are pleased to make this new program accessible to ensure you are able to collect the anticipated rents for your affordable units and maintain the financial viability of your project. Pros to this process include a fast lease-up process, high rents, and the option to return this unit to the lottery pool once the original households end their lease. Reside New York performs extensive credit checks and criminal background examinations to ensure that the homeless applicants are the right fit for your building per HPD’s rules and guidelines. Augmented CityFHEPS Rental Assistance program will pay the amount to the owner on the family’s behalf. Generally, families pay at least 30 percent but no more than 40 percent of their adjusted monthly income toward their rent share. Tenant share of the rent is determined based on its family’s gross annual income and family size. The Augmented CityFHEPS program guarantees to maintain payments for 5 years for qualifying households. As the owner, you will benefit from guaranteed monthly rent payments and low vacancy rates. Augmented CityFHEPS also takes into account yearly rental increases, and will increase payment to include such per the DHCR guidelines.
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This new program provides a twofold goal of increasing your rental income opportunities and decreasing the lease-up time for affordable housing units.īy choosing to set-aside Voluntary Homeless units in any of your development that is enjoying the 421a – 16 benefits, you will receive Augmented CityFHEPS Rental Assistance to cover the full rent amount set at 130% AMI, which in many a case may be more than your market units’ rental income!įor each unit leased through the Augmented CityFHEPS Rental Assistance program, the owner will receive the full first month’s rent and the next three (3) months of Augmented CityFHEPS Rental Assistance up front! Thereafter, payments will be made on a monthly basis. The Human Resources Administration (HRA) will now offer Augmented CityFHEPS Rental Assistance, to cover the rent of affordable units at 130% AMI! There is an exciting new City Rental Supplement Program that is exclusively available for specific affordable housing developments. Well, what if I would tell you that as a real estate developer, there is a way that you can give to the homeless and give to yourself as well! Can you relate? You might even say to yourself, “I wish there was a way I can help this human being start his life again!” After a busy day at work, you walk by a homeless man sitting on the on the street of New York City and a feeling of pain and compassion comes over you.