The new St. John’s Terminal housing development promises to open up 30% of its apartments to people with varying incomes, measured against the AMI, or Area Median Income. AMI is a number, released every year by the U.S. Department of Housing and Urban Development, that represents the combined income of an average New York City area household (including Westchester, Putnam, and Rockland counties). For a single person, the current AMI is $60,500. For a family of four, it is $86,300.
When a developer allows the rental of units to people who make less than the AMI, he or she obtains government subsidies, based on the relationship between the rents and the AMI.
So, in the St. John’s Terminal project, 10% of the apartments (about 150 units) will go to families making less than $45,600 per year, or individuals making less than $36,000 per year.
—Arthur Z. Schwartz
