In the 80/20 Program, the Housing Finance Agency (HFA) offers tax-exempt financing to multi-family rental developments in which at least 20 percent of the units are set aside for very low-income residents, using funds raised through the sale of bonds. At least 20 percent of the units must be set aside for households with incomes of up to 50 percent of the local Area Median Income (AMI), adjusted for family size. Alternatively, 25 percent or more of a project’s units must be affordable to households whose income is up to 60 percent of the AMI, adjusted for family size. Twenty percent of a project’s units must remain affordable to very low-income households for a given time period agreed upon between HFA and the building owner. The very low-income requirement is usually outlined in a Regulatory Agreement that dictates that the maximum rent on these affordable units cannot exceed 30 percent of the applicable income limits. The remaining units can be rented at market rate. The tax-exempt bond financing generates four-percent as-of-right Low-income Housing Tax Credits (LIHTC) for the units occupied by very low-income households. The credits can be syndicated to generate equity for the project. As of December 31, 2015, 68 developments, mostly in Manhattan, were occupied and had allocated 20 percent of their apartments (approximately 4,500 units) to low-income tenants. The remaining 80 percent are rented at market rates, but are subject to rent stabilization.