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My question is, if you want to sell it, can you sell it at market rate after a certain amount of time or are you stuck in the poor house forever?
This will be available on the offering plan. In general, you can resell the property after certain period of time pass, such as after 20-25 years. If you decide to sell it before that 20-25 years, then you have to sell it to people that fall within the same income guideline that make you eligible at that time, which is likely to be 120% AMI.
You can apply all you want, but the important part is getting call for the interview, or offer of a log number. Good luck!
Since this is the only home ownership offered by HPD in NYC it will be well subscribed in the lottery. If you don't qualify for a preference, there are only 2 apartments for the balance of the City.
Since this is not on Housing Connect, fewer applications will be received. The last home ownership HPD lottery had about 4500 applications for 75 Condos in Brooklyn.
Hi all. I am an applicant for Site 1 and I have a question! Does anyone know exactly WHEN the log numbers are assigned, and also exactly when the preferences are done in relation to that? More specifically, are ALL applicants put into the system, then randomized and assigned numbers, and then the preferences are filled by log # order from there -- or are preferences filled randomly and not by log #? OR are the preferences filtered into a separate category before the log numbers are even done? Are they given a separate set of log numbers? I don't get it! For instance, I am a city worker, so I get the 5% preference, but I am confused on exactly how the selection process goes. If I get log # 400, let's say, do they just work through all the lower numbers than me for the city preference category first?
All applications are entered into the lottery an assigned random #'s. This should happen in Mid-February.
The interviews will be conducted in order of the various set-asides and preferences: mobility, visual/hearing, community board, muni, all others.
The order of interviews by set-aside or preference is in log#order for that preference.
If the first Mobility application has Log #400, they would be the first interview. Then the first visual/hearing applicant has Log # 5, then the first community board could be Log # 14,000, etc.
All applications are entered into the lottery an assigned random #'s. This should happen in Mid-February.
The interviews will be conducted in order of the various set-asides and preferences: mobility, visual/hearing, community board, muni, all others.
The order of interviews by set-aside or preference is in log#order for that preference.
If the first Mobility application has Log #400, they would be the first interview. Then the first visual/hearing applicant has Log # 5, then the first community board could be Log # 14,000, etc.
I agree, but it works for some people. So, it doesn't hurt to let those people apply. What it doesn't work for you doesn't mean is not going to work for others.
All applications are entered into the lottery an assigned random #'s. This should happen in Mid-February.
The interviews will be conducted in order of the various set-asides and preferences: mobility, visual/hearing, community board, muni, all others.
The order of interviews by set-aside or preference is in log#order for that preference.
If the first Mobility application has Log #400, they would be the first interview. Then the first visual/hearing applicant has Log # 5, then the first community board could be Log # 14,000, etc.
Thank you for your reply, Navy! I appreciate it. Additionally, I think I read somewhere that they will pull out a "batch" for a preference group and go through log numbers from there sequentially. So if they've gotten up to the city worker preference for the one available unit, for example, they would pull 10 or so, then put them in log # order and call the applicants from there to set up interviews in order? Will they set up several interviews right away in order to have backups, or will they only call other people for interviews if they rule out the first interviewee? Many thanks for your clarifications!
Thank you for your reply, Navy! I appreciate it. Additionally, I think I read somewhere that they will pull out a "batch" for a preference group and go through log numbers from there sequentially. So if they've gotten up to the city worker preference for the one available unit, for example, they would pull 10 or so, then put them in log # order and call the applicants from there to set up interviews in order? Will they set up several interviews right away in order to have backups, or will they only call other people for interviews if they rule out the first interviewee? Many thanks for your clarifications!
You can disregard. I think I have a better handle on the process now by looking through similar threads for other properties. Thank you!
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