Photos via AAFE
Back in March, city officials announced forthcoming "affordable homeownership opportunities" in three refurbished East Village tenements at 406-8 E. 10th St., 533 E. 11th St., and 656 E. 12th St. aka 195 Avenue C.
The lottery to buy a unit in one of these three buildings is now underway. (The application deadline is Feb. 13.)
The minimum-maximum salary ranges from $83,016 to $211,860, depending on the unit size (21 are available). Studio, 2-bed, and 3-bed units cost approximately $260,582 to $386,372.
Details (all caps are theirs!):
These Cooperatives have a 40-year Real Estate Tax Exemption and are available for First-Time Home Buyers. This is a Limited-Equity Cooperative and includes Resale Restrictions based on Income. Occupancy is anticipated in Summer-Fall of 2025. DO NOT miss this opportunity to own your home in the Lower East Side of Manhattan. These gut-renovated, energy-efficient walk-up buildings have available apartments on the 3rd, 4th, and 5th floors. EACH BUYER MUST OCCUPY THE COOPERATIVE AS THEIR PRIMARY RESIDENCE. ANY PROSPECTIVE APPLICANT WHO CURRENTLY OWNS OR PREVIOUSLY HAS PURCHASED A RESIDENTIAL PROPERTY IS NOT ELIGIBLE. Eligible buyers should have 3% of the purchase price available for a down payment. Please note that the quoted sales prices, maximum household income, asset limit, etc., are estimated and are subject to change. Eligible applicants must qualify for NYSAHC and secure a mortgage from one of the pre-qualified lenders.
Asian Americans for Equality developed the project with the NYC Department of Housing Preservation and Development. It was financed through HPD's Affordable Neighborhood Cooperative Program.
For info on applying, visit this link.
Previously on EV Grieve:
A quarter of $1 million in a walk up Building for a studio apartment/coop on Avenue C? OMG!!!
ReplyDeleteThat's dirt cheap for a 40 year tax exemption. Same walkup in the W Village would be $1m plus taxes and HOA fees.
DeleteOh, that's nice. I don't make enough money to apply for any of them. As a dreaded long term rent stabilized tenant making 80k, paying $892/mo, I'm better off staying put in my 5th floor walk up. At 64, it's killer on the knees. Been climbing the stairs for 44 years now...
ReplyDeleteYOU MUST HAVE A NICE LANDLORD!!!
DeleteThat maintenance fee seems high for a 40 year tax abatement. So back of the napkin calculation, for the 3 bedroom, you're mortgage is $1800 and you're maintenance at right under $1200 means you're paying $3000 a month. I don't really maintenance, in my opinion, shouldn't be 40% of your monthly household cost. Just a bit sus. I'm sure plenty of people will not at the opportunity, though.
ReplyDeleteYou’re right, maintenance in a coop predominantly goes to property taxes and this building has a 40-year exemption. It’s a walk up, how could there possibly be that much in upkeep costs? One possible explanation is the building is on a 99-year land lease with the original developer, a nice way for the developer to create a long-term income stream while getting credit for “affordable housing”. Insane maintenance for a place with no property tax.
DeleteIf I made 83K I wouldn't need the housing lottery, so upsetting.
ReplyDelete