Affordable housing is based on a household’s percentage of AMI, which is set by the federal government on a yearly basis. Housing is considered affordable if it costs about one-third or less of household income and is regulated so the rent can’t go up dramatically over time. An overview of AMI income bands and percent of AMI is provided below.

The AMI for all cities across the country is defined each year by the U.S. Department of Housing and Urban Development (HUD). The 2023 AMI for the New York City region is $127,100 for a three-person family (100% AMI). Norwood News asked HUD in the past if it could provide the AMI for a single person. We did not receive a response, despite following up.

Meanwhile, AG Holdings said the remaining apartments are market-rate units, and both buildings are multifamily residential developments. They said number 19 East 198th consists of 99 apartments, while number 21 comprises 67 units. They added that the development includes 20 parking spaces available for rent to residents of either building.

For his part, Gjini said, “I come from a family that was always part of the middle class and working people. They taught me that if you want to grow and be successful in life, you have to work. That’s why, whenever we purchase land, we automatically try to go affordable. We need to work with working people. We need to work with the middle class because every society with a strong middle class is going to be successful in the future.”

Founded by Gjini, AG Holdings Group is described as “a vertically integrated real estate development, construction and property management company focused on expanding housing opportunities throughout New York City.” Company officials said that by overseeing development, construction and long-term ownership under one roof, it remains committed to investing in the neighborhoods it serves while also delivering quality housing across The Bronx.

The term “sustainable community growth” was used on the company’s website to describe its activities. Norwood News asked what this meant in practice and were advised that the phrase is used to describe the creation of “housing that supports long-term neighborhood stability through durable construction, responsible property management, and expanding housing opportunities for Bronx residents. It refers to sustainable neighborhood investment rather than environmental sustainability.”

Finally, another reference on the website referred to the development integrating “seamlessly with the existing fabric of the Bronx community” and we asked what that meant. We were informed that this meant “the projects were designed to complement the surrounding neighborhood by providing high-quality housing on underutilized sites while improving the streetscape and supporting continued residential growth in a transit-accessible area of the Bronx.”

More information can be found at agholdingsgrp.com.