420 Classon @Gates, lottery for buying apts

pitu · January 2008

Brownstoner has the details . . . The application deadline is January 18. Project completion is targeted for May.

The Pratt Area Community Council announced this morning that applications for the lottery for the 12 affordable condominium units it's developing at 420 Classon Avenue in Clinton Hill are now being accepted.

Four one-bedroom priced between $185,000 and $211,000 are available for households earning up to $73,700; four two-bedrooms priced from $258,000 to $270,000 are available for households earning up to $92,200; four two-bedrooms priced from $374,000 to $424,000 are available for households earning up to $116,900.

http://www.brownstoner.com/brownstoner/archives/2008/01/lottery_for_420.php

jaha127 · January 2008

thanks for the great info!!

lanciano · January 2008

Subject: Re: 420 Classon @Gates, lottery for buying apts

Four one-bedroom priced between $185,000 and $211,000 are available for households earning up to $73,700; four two-bedrooms priced from $258,000 to $270,000 are available for households earning up to $92,200;

The application has more info income restrictions. The Brownstoner piece does not mention that the 2 bedrooms with max income of $92K are for 4 person households. A 2-person household won't qualify if they make more than $73K. So if you and your bf/gf each make 40K (also not a HUGE amount of money in this town) you're out cold.

I think it's great that these lotteries exist for lower income folks. But lower middle class couples will be left out of homeownership in this outrageous market--unable to scrape together a large enough down payment for this area and unable to qualify for these special programs.

stacey · January 2008

Subject: Re: 420 Classon @Gates, lottery for buying apts

lanciano wrote: I think it's great that these lotteries exist for lower income folks. But lower middle class couples will be left out of homeownership in this outrageous market--unable to scrape together a large enough down payment for this area and unable to qualify for these special programs.

Actually lanciano there are many programs that can help you out. There is the HUD programs, Fannie Mae, etc. HUD mortgages allow you to put as little as 3% down and finance the rest. HUD and Fannie Mae also have programs where you do not need to put any money down and you can finance the whole purchase - although when I was looking into it this program (no $ down) it seems it was an incentive to buyers to buy fix me ups and rehab them.

Usually the lotteries for single and multi family homes (such as the ones on Underhill or on Atlantic near the mall) have a larger income max than the condos and coops.

420 Classon @Gates, lottery for buying apts

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