Ocean Bay Apartments

434 Beach 54th St, Far Rockaway, New York 11692

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The 24-building, 1,395-unit Ocean Bay Apartment complex is home to nearly 4,000 New Yorkers. The $560 million redevelopment includes the major rehabilitation of building infrastructure and amenities, such as new kitchens, bathrooms, windows, flooring, and roofs, public hallway improvements, a state-of-the-art camera security system, elevator modernization, and landscaping upgrades. Tenants will remain in their homes during the phased restoration.

Eligibility for Ocean Bay Apartments

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Far Rockaway but actual income limits may differ for units at Ocean Bay Apartments.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
30%	$29,650	$33,900	$38,150	$42,350	$45,750	$49,150	$52,550	$55,950
50%	$49,450	$56,500	$63,550	$70,600	$76,250	$81,900	$87,550	$93,200
80%	$79,200	$90,500	$101,800	$113,100	$122,150	$131,200	$140,250	$149,300

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 Far Rockaway but actual income limits may differ for units at Ocean Bay Apartments.

AMI Band	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
Very Low Income (50%)	$49,450	$56,500	$63,550	$70,600	$76,250	$81,900	$87,550	$93,200
Low Income (60%)	$59,340	$67,800	$76,260	$84,720	$91,500	$98,280	$105,060	$111,840

Ocean Bay Apartments Details

1395 bedroom units.
Low-Income Housing Tax Credit (LIHTC)
Rental Assistance Demonstration (RAD)

Low-Income Housing Tax Credit (LIHTC)

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.

Rental Assistance Demonstration (RAD)

Since this property is subsidized in part through the Rental Assistance Demonstration (RAD), some apartments may have Section 8 Project-Based Rental Assistance (PBRA) or Section 8 Project-Based Vouchers (PBV). With either type of subsidy, tenant rent payments are 30% of their adjusted monthly income. Households earning less than 80% of the area median income may qualify for PBRA or PBV reduced rents. Some of these subsidized apartments may be reserved for extremely low-income households earning less than 30% of the area median income. If the apartment has a PBV, the tenant may qualify for a Section 8 Housing Choice Voucher (HCV) after living there at least one year. Some rental units in this property may not have PBRA or PBV subsidies and therefore may have higher rents.