Voluntary Inclusionary Housing Program (VIH)provides a bonus floor area if the developer chooses to create permanently affordable housing. A maximum of 20% of the Residential Floor Area is required to be set aside to tenants at 80% of the Area Median Income (AMI). In order to qualify for the bonus floor area, the project must be located in the Inclusionary Housing Designated Area.
Mandatory Inclusionary Housing Program (MIH)requires permanently affordable housing to be provided in order to obtain alteration or new building permits from the Dept. of Buildings. The MIH affordable housing options are detailed below; though, each area will have specific options applied. The maps and applicable options can be seen on Appendix F of the NYC Zoning Resolution.
The MIH affordable housing options:
Option 1:25% of the Residential Floor Area needs to be set aside at a weighted average of 60% AMI, with at least 10% set aside at 40% AMI
Option 3 (Deep Affordability Option):20% of the Residential Floor Area needs to be set aside at a weighted average of 40% AMI
Option 4 (Workforce Option):30% of the Residential Floor Area needs to be set aside at a weighted average of 115% AMI, with a least 5% set aside at 70% AMI and 5% set aside at 90% AMI Affordable Housing Contribution – developers of projects that have less than 26 residential units and 25,000 sq. ft. of Residential Floor Area have the option of contributing to the affordable housing fund instead of providing affordable housing. Projects with no more than 10 residential units and 12,500 sq. ft. of Residential Floor Area are exempt from the MIH requirements. The IH units may be used to satisfy other affordable housing program requirements. Our firm is actively involved in each project, from the designing phases through the issuance of HPD’s Completion Notice. We work with HPD and the entire development team to ensure the smoothest & most efficient approval process. To check if the Inclusionary Housing Program applies to your property, click here.