DETERMINING HDFC INCOME LIMITS
There are currently two methods HDFC cooperatives use to determine income limits for incoming buyers: a percentage of the AMI or a formula comprised of monthly maintenance, utilities (gas/electric), and the months in a year.
oPTION #1: 2022 NEW YORK CITY
AREA MEDIAN INCOME (AMI) AMOUNTS
AMI stands for Area Median Income.
The amount is released every year by the Department of Housing and Development, that
represents the combined income of an average New York household.
OPTION #2: ALTERNATIVE INCOME LIMIT (FORMULA)
Monthly Maintenance This is amount of money paid by shareholders on a monthly basis for building maintenance, management, and capital improvement projects.
Utilities This takes into account an estimated monthly cost for gas and electric. Below is the breakdown which is estimated based on apartment size.
1-Bed Apartment The est. gas/electric cost per month is $125.
2-Bed Apartment The est. gas/electric cost per month is $150.
3-Bed Apartment The est. gas/electric cost per month is $175.
Months The number of months in a year
EXAMPLE
((Monthly Maintenance plus Utilities) times 6) times Months
Monthly Maintenance: $400
Utilities: $125 (1-bedroom)
Family Size: 2 people
(($400 + $125) x 6) x 12
($525 x 6) x 12
$3,150 x 12
Maximum Annual Income Limit: $37,800
NOTE: The section “Determining HDFC Income Limits” is merely a guide and may differentiate per the particular
cooperative’s bylaws, proprietary leases, or board directions.