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First three years, 100% of net appreciation at sale go to the coop
Yrs 4-15 - 50% of net appreciation goes to the coop
No subletting except in the most expensive apartments and then only for 1 yr.
Can sell the apt only with approval from HDC (for income restriction) but no need for board approval.
At reslate, the purchaser may have income of 175% of area income, which is about 143K.
Maintenance is 35% tax deductible
Parking is 19K +$102 a month - cannot be rented
Storage is 5K +$10 a month
Bike storage +$10 month
Can get evicted/forced to sell for non-payment of maintenance for 1 month
Maintenance includes heat, hot water, gas - the units ate TPAC - heat is pumped to the unit and but you must use electricity to let the heat run in the apt.
First three years, 100% of net appreciation at sale go to the coop
Yrs 4-15 - 50% of net appreciation goes to the coop
No subletting except in the most expensive apartments and then only for 1 yr.
Can sell the apt only with approval from HDC (for income restriction) but no need for board approval.
At reslate, the purchaser may have income of 175% of area income, which is about 143K.
Maintenance is 35% tax deductible
Parking is 19K +$102 a month - cannot be rented
Storage is 5K +$10 a month
Bike storage +$10 month
Can get evicted/forced to sell for non-payment of maintenance for 1 month
Maintenance includes heat, hot water, gas - the units ate TPAC - heat is pumped to the unit and but you must use electricity to let the heat run in the apt.
Hi 108. I went for the initial interview late July. I am CB11 and am around 2500s. I was told was one of the last of the CB11 to be chosen for interviews.
She told me that they would be contacting me at the end of the month for a second interview but I have not heard anything from them yet. I was wondering how they contacted you for the second interview, by phone, mail or email?
I guess I'm just one of the last they will call from the CB11 but based on what you said earlier I might have a good chance.
108th...seems like the offering plan provided many of the answers you were seeking.....it also answered JerryNolan's question on the tax abatement..it is there and as I suspected you can't take full advantage of the tax deduction because of it...the resale info is also interesting...if you keep the unit for long term you are better off, if you are short term this may not be the type of program. Everything in your major points is as I suspected except for the big chunk of cash for storage...I guess if I get a studio then that might be a nice extra benefit....I hope people aren't put off by the treat of eviction for non payment of maintenance....the process is so much harder than just missing a month and you are out...all & all...I'm still in....if they call me that is!
There are only 8 storage spaces, so unless you are one of the fortunate early folks. Fugetaboutit! Also, the cost of the storgage is $5k cash at closing. It can not be included in the mortgage like the parking. There are 60+ bike spaces. Looks like all local people will make it unless the apartment you want is already sold. Remember, the majority of the apartments are $373k. Good luck to all. I did not buy because I'm relocating in January.
Chase has a program with SONYMA that may be able to assist with closing costs. I don't know the details, but the Chase guy has the info when get to the offering plan stage.
I was called in with a high number 1600's; but I was called as a mobility applicant even though I live in CB#11. It seems like the Cb and mobility preferences are being called at the same time. They actually have specific apartments fitted for persons with mobility issues which was perfect. Again, I did not move forward since I'm relocating soon. Good Luck
I was called in with a high number 1600's; but I was called as a mobility applicant even though I live in CB#11. It seems like the Cb and mobility preferences are being called at the same time. They actually have specific apartments fitted for persons with mobility issues which was perfect. Again, I did not move forward since I'm relocating soon. Good Luck
Thanks BxHomey for the info.....the cost of storage seems a bit high anyway, good thing I'm not a pack rat...of course they havent contacted me yet either...Good Luck with your move....You are a perfect example of why it might not be in your best interest to buy.....sometimes other plans out weigh the option to buy...
Bxhomey,
I find it disheartening that you say most apts are at the going rate of 373,000. I am looking for a 2bd and was looking for something in more of the 250-300,000 price range. I think I am out of this game.
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