Lottery opens for 24 income-restricted condos in Bed-Stuy, available to buy from $204K

Rendered courtesy of the NYC Department of Housing Preservation and Development

Applications are now being received for 24 limited-income condominiums for sale in Bed-Stuy. Located at 948 Myrtle Avenue, the apartments are open to New Yorkers earning 60 or 80 percent of the median income in the area, from an individual with an income between $ 37,500 and $ 50,160 to a five-person household with one Income up to $ 103,120. Units are available under the city’s inclusive housing program and include a mix of studios, one-, and two-bedroom apartments listed for between $ 203,682 and $ 355,811.

The inclusive housing program aims to encourage the construction of more housing for low-income New Yorkers in neighborhoods that have been zoned for new developments. Developed by Madison Realty Capital, the project leverages the Voluntary Inclusionary Housing Program, which enables developers to increase their Floor Area Ratio (FAR) to provide permanently affordable units for those with incomes less than or equal to 80 percent of the region’s median income.

As part of the program, unit sizes must be at least 400 square feet for a studio, 575 square feet for a one bedroom, 775 square feet for a two bedroom, and 950 square feet for a three bedroom.

In order to receive the condominiums through the lottery, buyers must have 5 percent of the purchase price available against a deposit. According to the lottery, “larger down payments can result in lower minimum wages”. Buyers must also intend to use the condominium as their primary residence in order to qualify. No applicant can currently own or have previously acquired home ownership.

The residences have high quality countertops, wooden floors and a dishwasher. There is a shared laundry room, bike storage room and an elevator. The building is where Bed-Stuy, Bushwick and South Williamsburg come together.

Qualified New Yorkers can apply by. apply for the cheap units January 21, 2022. Fifty percent of the units are reserved for residents of Brooklyn Community Board 3. Full details on how to apply are available here. If you have any questions about this offer, please contact NYC’s Housing Connect department at 311.

If you don’t qualify for the aforementioned housing lotteries, visit CityRealty.com’s free rental site for other apartment listings in town.

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Keywords:
948 Myrtle Avenue, Inclusive Living Program, Madison Realty Capital

Neighborhoods:
Bed study

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