HOW TO DETERMINE IF YOU QUALIFY TO LIVE AT ARTSPACE BUFFALO
Housing projects that receive federal Low Income Housing Tax Credits are required to rent to households whose annual incomes are below the Area Median Income (AMI). In the Buffalo-Niagara Falls area, the current AMI for a family of four is $58,300.
Of the 60 live/work units in Artspace Buffalo:
- 6 units are reserved for households whose annual incomes do not exceed 30% of the AMI.
- 7 units are reserved for households whose annual incomes do not exceed 50% of the AMI.
- 23 units are reserved for households whose annual incomes do not exceed 60% of the AMI.
- 24 units are reserved for households whose annual incomes do not exceed 90% of the AMI.
This table shows the maximum income limits for the Artspace Buffalo. To determine whether you qualify, go to the row that corresponds to the size of your household, then compare the number in each column to your annual household income. For example, if the size of your household is three persons and your annual household income is $30,000, you qualify to live in a 60% or 90% unit, but your income exceeds the limit for a 50% or 30% unit.
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Maximum Income Limits for the Artspace Buffalo |
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|
Size of
Household
|
% of Area Median Income
|
|||
|
30% AMI
(6 units) |
50% AMI
(7 units) |
60% AMI
(23 units) |
90% AMI
(24 units) |
|
|
1 Person |
$12,240
|
$20,400
|
24,480
|
$36,720
|
|
2 Persons |
$13,980
|
$23,300
|
27,960
|
$41,940
|
|
3 Persons |
$15,750
|
$26,250
|
31,500
|
$47,250
|
|
4 Persons |
$17,490
|
$29,150
|
34,980
|
$52,470
|
|
5 Persons |
$18,900
|
$31,500
|
37,800
|
$56,700
|
|
6 Persons |
$20,280
|
$33,800
|
40,560
|
$60,840
|
HOW TO DETERMINE RENT
Now that you know whether you qualify to live in the Artspace Buffalo, you can use this chart to determine what your monthly rent would be. For example, there are three 2-bedroom units at 50% AMI that will rent at $534 a month.
Note: Income limits and rent rates are determined by the U.S. Department of Housing and Urban Development and are subject to change.
|
Artspace Buffalo Rents
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|
Unit Type
|
% of Area Median Income
|
|||
|
30% AMI |
50% AMI |
60% AMI |
90% AMI |
|
|
Efficiency (6 units) |
1 @ $236 |
1 @ $424 |
1 @ $444 |
3 @ $594 |
|
1 BR (26 units) |
2 @ $248 |
3 @ $449 |
8 @ $474 2 @ $487 |
8 @ $624 3 @ $637 |
|
2 BR (22 units) |
3 @ $293 |
3 @ $534 |
4 @ $549 2 @ $566 |
8 @ $769 2 @ $786 |
|
3 BR (6 units) |
|
|
4 @ $645 2 @ $666 |
|
Artspace Buffalo was made possible with support from the city, state, and federal governments and:
Financing was provided by:
- Apollo Housing Capital, LLC
- The City of Buffalo Office of Strategic Planning
- U.S. Housing and Urban Development Economic Development Initiative
- M & T Bank
- New York State Housing Trust Fund Corporation
- Community Preservation Corporation
- New York State Division of Housing and Community Renewal
- New York State Historic Preservation Office
- National Park Service
Funding for the project has been provided by:
- The Cameron Baird Foundation
- Community Foundation for Greater Buffalo
- Peter C. Cornell Trust
- Empire State Development Corporation
- M & T Charitable Foundation
- The John R. Oishei Foundation
- Restore America (A Partnership of Home and Garden Television and National Trust for Historic Preservation)
- Samuel J. and Anne L. Savarino
- The Seymour H. Knox Foundation
- The Zemsky Family Foundation
- The Baird Foundation
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