In determining housing affordability, all housing costs must be included in the calculation, In rental units, housing costs include rent and any tenant paid utilities. In ownership units, costs include the mortgage payment (principal and interest), property taxes and homeowners insurance; Condominiums and cooperatives, will add common charges or Home owners Associations (HOA) fees.
The U.S. Department of Housing and Urban Development (HUD) sets income limits annually for a variety of housing programs known as the Area Median Income (AMI) for each Metropolitan Statistical Area (MSA). The base AMI is estimated for an average household of 4 persons. The maximum income by family size is then adjusted by a percentage determined by HUD.
The AMI are published by HUD in accordance with federal guidelines, including the limits to be applied to Multifamily Tax Subsidy Projects (MTSP) and the HOME program. In 1999, Westchester County was designated by HUD to be an Exception Criteria community, which exempted the County's 80% AMI from being capped at the National Average. Westchester County is allowed to use its true 80%
No governmental subsidies are available for workforce housing, but it is recognized as a much needed housing type in Westchester County. Workforce rental maximum income is 125% of the county median. These numbers are based on the Westchester County area median incomes which is issued in the spring each year.
For more detailed information please refer to the Westchester government website as indicated below.