A housing lottery has launched at 107 West 105th Street.
A new housing lottery has been launched at 107 West 105th Street (between Amsterdam and Columbus avenues) – an HDFC co-op offering three two-bedroom apartments to select qualifying applicants.
Advertisement
Applicants must be prospective first-time homebuyers, and they must be looking to occupy the space as their primary residence. Anyone who’s owned property in the past will not be eligible, and New York City residents are preferred.
Occupancy is anticipated for June.
“This gut renovated, energy efficient walk up building is 2 blocks from Central Park and Broadway and has two-bedroom apartments available on the 4th and 5th floors,” describes the NYC Housing Connect website.
The income requirements are based on household size, and each unit can accommodate between two and five occupants. Eligible collective incomes must fall between $102,000 and $158,510, with the lower amount representative of smaller households and the higher amount representative of five-person households.
The collective asset limit – regardless of household size – is capped at $249,169.
The estimated sale price for each unit is $314,383, with a monthly carrying cost of $3,075 and a minimum down payment of 5%.
The lottery will be open until May 1. To learn more and to apply, please visit this page.
Serious question… How can someone possibly afford to make this work? Monthly carrying cost of >$3000 on top of a mortgage (since assets over $250k aren’t allowed either… A mortgage is necessary)… So presumably this is a monthly payment of >$5000. The max you can make as a family of 5 is $158k income. That puts a HUGE chunk of income into this place. As far as I can tell, the only one who could swing this is maybe a single young person with a decent job and wealthy parents?
Am I missing something?
The “carrying cost” probably includes debt service payments.
How can any senior living on a fixed income afford Manhattan Valley. Even if a senior has savings to afford a down payment, the criteria is ridiculously above their means. Most if not all lottery for apartments are at unaffordable prices for the average person on a limited income. The question remains, where should one go? Is this a way of driving NewYorkers out of the city!! Also all NYCHA establishments are death traps and Housing Connect has the same criteria as other developers..