Chair Sherman responds on AMI and MIH levels
He says MIH levels are based on AMI, sometimes close to market, but MIH rents do not accelerate like private market, and HPD has other tools.
Yeah, so we are defining affordable with MIH levels as the floor and any other types of affordable tools, right, that are above that, meeting the requirements.
And so we know that in certain parts of the city, because the MIH levels are developed based on the AMI, right, certain parts of the city, it's close to what you may see in the market for existing housing stock.
But it's still often we see as more affordable than what may exist in brand new construction.
And what's important to note is that when we've been able to include mandatory inclusionary housing in projects, we know that the cost
of that housing, the rent will certainly not accelerate over time the way rent in the private market does.
And so these are all, it's a very certainly careful analysis and calibration to how we would approach this in different districts.
I would note that that certainly is in reference to the affordable tools that are created through the MIH program, but there are other tools as well to create affordable housing that our colleagues utilize at HPD.