Showing posts with label HDC. Show all posts
Showing posts with label HDC. Show all posts

Jul 17, 2014

HDC Affordable Condos and Coops.

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Q: What is an HDC condo, coop, condop or rental building.

A. New York City Housing Development Corporation (HDC) provides financing for affordable housing.  

Strivers Gardens Condominium
HDC provides financing for large-scale developments, issues bonds and provides subsidy and low-cost loans to develop and preserve a variety of housing, ranging from large to small rental and condo, condop and coop home ownership. 

HDC-financed apartments are sold to low and middle-income households. They may have different income tiers within the building. Some apartments may have higher maximum income restriction than others. Often some of the original owners purchased their units through a city lottery.

HDC finances the construction of residential buildings. A portion of the unit is subsidized. In some HDC financed buildings if an owner sells a unit prior to the HDC mortgage expiration date a percentage of the unit's profits are paid to HDC. 

HDC approves the buyer's eligibility based on their current gross income. Income is calculated using annual gross (pre-tax) income, and also includes interest income earned from assets. 

Currently I have a  top floor 1 bedroom coop at  255 West 148th St. Apt 6C, The Washington a post-modern (built in 2004) six story 15 unit elevator coop through HDC. Maximum income allowed 255% of area median income (AMI) $214,750 =$214,750. There is no flip tax.

255 West 148th Street Apt 6C
I also recently listed a 2 bedroom 2 bath at Strivers Gardens Condominium at  300 West 135th Street A full service condo building with a garden atrium, state of the art gym, Zen Garden, resident lounge and On-Site Garage with valet parking. 75% of units at Strivers Gardens have an income max at 175% of Area median Income $150,325 (AMI) and 25% at 250% AMI - $214,750.

300 West 135th Street Strivers Gardens Condominium
HDC uses the proceeds from the sale of tax-exempt bonds to make first position mortgages and also uses its corporate reserves to make 1% second mortgage loans. HDC projects are aligned with the city's plaNYC green building policy. 

 
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