If you use the New York City NSP2 program to purchase a 2 to 4 unit building, you must keep the residential rental units affordable over the required owner-occupancy period of 15 years.
NYMC will monitor the initial rental to help you check the income of the tenants and report it correctly to HPD. You will be required to report to HPD periodically over the course of the required 15 year occupancy period.
Your homeownership counselor will help you determine how much rent you are allowed to charge. That amount will depend on the income of your prospective tenant. Your counselor will also help you compute how much of the rents can be counted toward a mortgage payment. Having tenants will help make your home affordable but it requires extra effort and we strongly recommend you take a landlord training course. Your counselor will help you schedule this training.
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