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Old 07-17-2015, 01:54 PM
 
3 posts, read 7,432 times
Reputation: 10

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Quote:
Originally Posted by NYCliving21 View Post
Hi All,
I also applied and looking to get into a 1 bedroom! Good Luck with the selection process...
With only 5k applicants I'm sure the seriously interested and "qualified applicants" have a really good shot even with no preference and a high log#. The guidelines are pretty strict and demanding for most folks and it's not like affordable renting where you may also have to be qualified for a mortgage quickly. They have to weed out the applicants that:
-Don't have Great credit (800+)
-Don't pass criminal history check
-Have substantial Debt (student loans, high credit cards, ect)
-Don't Currently fit perfectly in the income bracket
-Applied but Not truly interested
-Not willing/ready to leave their current residence
-Don't Have enough $ to purchase and sustain the monthly maintenance condo fees and tax
-Plus all the applicants in the later stage of the process that don't love the condo enough to commit to a primary residence purchase.

Question- does anyone that went to the informational session know the expected Square footage of the apartments? And did they mention how mention how long the expected tax abatement would be for?
NYCliving21, is 800+ the actual required Credit Score!? If so, count me out. I'm barely making the income max bracket. If I get a penny more this year, I'm out.
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Old 07-18-2015, 06:33 AM
 
15 posts, read 22,281 times
Reputation: 11
Don't lose hope, 800+ may be an exaggeration. But I know these housing lotteries have rejected people with poor credit history.
... Someone posted on another site that they went to the informational and it was said the actual average of a 1 bedroom will be 252k and that the winners of the lottery would receive a 125k stipend (already built into the cost) towards the cost of the condo. Is this true?
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Old 07-20-2015, 11:14 AM
 
88 posts, read 181,077 times
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Does anyone know how they determine your current income? We meet requirements for our 2014 income for sure, but this year is all over the map, lots of checks came in the winter but few will come in fall. Seems impossible to determine this year, I wonder how they judge.

Not that I've been called! And I agree 800+ is too perfect for credit requirements. I bet they'll want 700 +
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Old 07-20-2015, 02:07 PM
 
6 posts, read 14,846 times
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Hi,

I went to the Open House. I'm also crossing my fingers for this one too! What I learned is that the 1 bedroom apartments square footage ranges for 694-1007 sq. feet. The interviews were supposed to start on June 15. The move in date is December/2015. The credit score is 690+. The income for 1 person is 52-99k. According to the numbers with a 1 bedroom, the down payment is around 12k and the closing costs average from 12k-15k. They take pets. The common charges for a 1 bedroom is $400.00. The mortgage averages around $1,200k. It's an amazing deal for this area of BK. If anyone is looking to purchase, BK is becoming so overpriced, this seems like the only affordable and reasonable deal. I do live the CB preference area. My lease is up in December, just wondering if they will call me before hand.
Any updates on this property?
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Old 07-21-2015, 02:23 PM
 
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I just took a stroll around the navy green block -- was in the neighborhood. There's a cute coffee roaster that opened across the street on Vanderbilt. A cute taco place on Clermont. And a bike shop (very high-end) opened in the Navy Green commercial space between the two buildings on Flushing. They are still in the early stages of building the fancy condos on "our" side of the development, but on Clermont the frames and exteriors are done on the fancy townhouses. It looks like the condo building still has a lot of work to go -- the exterior is mostly done and some windows are in, but none of the interior is built at all.

It says on the Dunn Development website that the expected completion date for the condo building is next March, but a December move-in would be amazing. Absolutely no way of knowing anything about the lottery, so it's hard to let go of the possibility that this could really happen!
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Old 07-21-2015, 04:39 PM
 
353 posts, read 527,010 times
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Quote:
Originally Posted by mollybloom View Post
I just took a stroll around the navy green block -- was in the neighborhood. There's a cute coffee roaster that opened across the street on Vanderbilt. A cute taco place on Clermont. And a bike shop (very high-end) opened in the Navy Green commercial space between the two buildings on Flushing. They are still in the early stages of building the fancy condos on "our" side of the development, but on Clermont the frames and exteriors are done on the fancy townhouses. It looks like the condo building still has a lot of work to go -- the exterior is mostly done and some windows are in, but none of the interior is built at all.

It says on the Dunn Development website that the expected completion date for the condo building is next March, but a December move-in would be amazing. Absolutely no way of knowing anything about the lottery, so it's hard to let go of the possibility that this could really happen!
The cost of those Navy Green townhouses

3,000sqft plus Townhouses for Sale in Brooklyn | NavyGreenBK

They sure are beautiful though.
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Old 07-21-2015, 04:41 PM
 
353 posts, read 527,010 times
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Quote:
Originally Posted by Nyrobi99 View Post
Hi,

I went to the Open House. I'm also crossing my fingers for this one too! What I learned is that the 1 bedroom apartments square footage ranges for 694-1007 sq. feet. The interviews were supposed to start on June 15. The move in date is December/2015. The credit score is 690+. The income for 1 person is 52-99k. According to the numbers with a 1 bedroom, the down payment is around 12k and the closing costs average from 12k-15k. They take pets. The common charges for a 1 bedroom is $400.00. The mortgage averages around $1,200k. It's an amazing deal for this area of BK. If anyone is looking to purchase, BK is becoming so overpriced, this seems like the only affordable and reasonable deal. I do live the CB preference area. My lease is up in December, just wondering if they will call me before hand.
Any updates on this property?
Nope. We're all waiting to hear back too.

Thanks for the info on the closing house.

690 credit score and $400 common charges sound more realistic for an affordable housing lottery.

Are there charges for the Amenities?
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Old 07-21-2015, 06:24 PM
 
353 posts, read 527,010 times
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Nevermind...Amenities would probably be common charges
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Old 07-22-2015, 10:49 AM
 
88 posts, read 181,077 times
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I emailed today asking when non-preference interviews will happen, and got a reply within an hour:

"Non-preference interviews will commence in late October."

Just passing the info along here.
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Old 07-22-2015, 03:00 PM
 
6 posts, read 14,846 times
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Does anyone know when CB preference will start?

Also, I spoke with Dunn Development. The anticipated completion is Actually January. Also, you will be notified by email or mail for the interviews.
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