Panel Discussion on Affordable Housing Tonight

capt. planet

Tonight at 7 PM, the Crown Heights Revitalizaiton Movement (CHRM) will be hosting a panel discussion on how we can generate more affordable housing here in Crown Heights. The location will be the Center for Nursing and Rehabilitation on Classon bet. Park and Prospect. The panel will include representatives of several local non-profit housing developers and a local non-profit lender and will be moderated by Mark Griffith, the local activist and candidate for City Council.

CHRM believes that the only long-term solution to the problem of homelessness is more affordable housing. Homelessness will persist until the average family can afford the average home.

For more information on this event, go to:

http://www.nostrandpark.com/

Space will be limited. To RSVP, email a request to:
[email protected]

catwalkertexasranger

Rule of thumb #1. 600 dollars for every 100k (30year terms)borrowed from the lending institution.
$ 300k apt is 1800 per month w no money down. Fees,taxes,and insurance also should be calculated roughly another 300 dollars per month totaling 2100 per month. A good bank will give you the loan if the 2100 is@35% ( a really risky banker will let you go closer to 40%) of your monthly income after debt service(credit cards,ect bills you already owe) so if your income is about 6300 a month you should have no problem. If you put down a 20% down payment your insurance will be cheaper. Most banks are requiring between 10-20% down payment.

capt. planet

If the condo cost $300K and the buyer has to pay $2,100 per month, then the buyer would need to make about $77,000 annually to qualify for a mortgage, assuing about 33% of the household income goes to housing expense. Given that the median HH income for a family of four in Crown Heights North is about $31,000, we've got a big affordability gap.
Two solutions: raise the HH income, increase the subsidy.

catwalkertexasranger

Capt. really curious about the meeting and it's outcome. Since moving to NYC and finding out that 23% of people live in some kind of assisted/subsidized housing I found it a total mindbomb. Now with vacant luxury apts all over I am wondering what people are thinking for short and long term solutions. In a really strange turn lots of cheaper rentals bordered Atlantic and now that they have been mowed I can only imagine that Forrest City/ Rat will reduce proposed affordable housing that was previously part of the plan.