The Monterey at Lex, located at 1501 Lexington Ave in New York City, has studio, one, two and three bedroom apartments. The Monterey at Lex participates in the Low-Income Housing Tax Credit (LIHTC) program.
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Located on the desirable Upper East Side just off Museum Mile, Monterey At Lex offers easy living near the heart of New York’s iconic cultural institutions. Enjoy the comfort, convenience and culture that abounds in this New York neighborhood or stay home and enjoy the beautifully landscaped rooftop garden. The building’s amenities are all you’d expect from an address like this and Monterey Properties signature service provides the peace of mind to truly live in the neighborhood you love.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in New York City but actual income limits may differ for units at The Monterey at Lex.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$37,350||$42,700||$48,050||$53,350||$57,650||$61,900||$66,200||$70,450|
|Low Income (60%)||$44,820||$51,240||$57,660||$64,020||$69,180||$74,280||$79,440||$84,540|
The Monterey at Lex was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program. In addition to providing apartments for low-income households, this property could include some market rate units. Households earning 60% or less of the Area Median Income (AMI) qualify for targeted rental units in LIHTC financed housing. This property may also designate units for renters with even lower incomes, from 60% of AMI down to 30% AMI. It is even possible that all units have been set aside for those with extremely low incomes (as low as 15% of AMI). This means that the same size unit can rent for different amounts based on the income of the renter.
Figuring out income and rent limits for affordable housing can be complex especially when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.