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: