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

Jul 17, 2014

HDC Affordable Condos and Coops.

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. 


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2016 © © Al l Rights Reserved