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Old 01-23-2023, 01:31 PM   #1135 (permalink)
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Originally Posted by Isaac Zachary View Post
That seems correct. The ad says 80% of the AMI (whatever that means). So I take it that someone is paying 20% of the house already. And yes, there seem to be a lot of rules when reading the stuff from the housing authority.

It's also part of a lottery: those that qualify are put into a lottery and the "winners" get the oportunity to buy one of the several apartments they are building on that block. But it seems they didn't get enough in the lottery to do the lottery, so they're apparently selling them, but still under the same requirements.

A part of me wants to go apply for one, but another says I'd be up to my neck in financial frustration.
AMI is Area Median Income. The property is restricted to buyers making 80% of the AMI. They've done the math for you: 80% of the AMI is $56,000.
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