A. New York City Housing Development Corporation (HDC) provides financing for affordable housing.
|Strivers Gardens Condominium|
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|
|300 West 135th Street Strivers Gardens Condominium|