You can own an affordable co-op in the South Bronx for just $92K
Photo via Dan DeLuca’s Flickr
Applications are now being accepted for three newly renovated co-ops in the Longwood neighborhood of the South Bronx, part of the city’s initiative to make affordable homeownership more accessible for first-time buyers. Located at 847 Fox Street, the three-bedroom units are move-in ready, with renovated kitchen and bathrooms, new electrical and heating systems and energy efficient appliances. Qualifying New Yorkers earning 120 percent of the area median income can apply for the three units, listed for a subsidized price of roughly $91,483.
Mayor Bill de Blasio announced in December two homeowner assistance programs intended to help thousands of New Yorkers own real estate and renovate homes over eight years old. The “Open Door” program incentivizes construction of co-ops and condos for moderate- and middle-income first-time buyers. The city estimates the program will create about 200 affordable homes per year.
For the co-ops at 847 Fox Street, buyers should have 3 percent of the purchase available for down payment and they must occupy the apartment as their primary residence. Any applicant who currently owns, or has previously purchased, property is ineligible. An information session about the available co-ops for sale will be held on May 17 from 6:30 pm to 8:00 pm at Maria Isabel Residence.
Qualifying New Yorkers can apply for the affordable units at 847 Fox Street until May 29, 2018. Complete details on how to apply are available here (pdf). Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.
Use 6sqft’s map below to find even more ongoing housing lotteries.
If you don’t qualify for the housing lotteries mentioned, visit CityRealty.com’s no-fee rentals page for other apartment deals in the city.
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