Penn South 2019 (New York, York: properties, millionaire, equity)

[Sunnyand50]

I will let you know when anything happens 90sSitcom. PennSouth, Riverwalk Park (unlikely b/c 8 studios likely taken already), River Terrace (the longest wait for me - about 500 ahead of me and NO movement).

[Trisky]

Originally Posted by Sunnyand50

I moved up 7 places on the studio list.

So did I! I am now at 115.

I have a question that I think has probably been answered before but I can't figure out to search for it. If you buy into Penn South at say, $70k, do you make only 70k if/when you sell or do you get current purchase price?

[Sunnyand50]

I think the current purchase price, but increases are very small, maybe comparable to rate of inflation. That's how affordability is maintained.

[pennsouth01]

I am in process to buying a home because PS is long wait. So by the time PS will call me am I still qualified if I make PS my primary residence and rent out my other property? Any information or suggestion regarding this will appreciated. Thank You

[macnyc2003]

Originally Posted by Trisky

So did I! I am now at 115.

I have a question that I think has probably been answered before but I can't figure out to search for it. If you buy into Penn South at say, $70k, do you make only 70k if/when you sell or do you get current purchase price?

You get back the same amount as what you paid.

[Holian]

Originally Posted by pennsouth01

I am in process to buying a home because PS is long wait. So by the time PS will call me am I still qualified if I make PS my primary residence and rent out my other property? Any information or suggestion regarding this will appreciated. Thank You

As long as you keep Penn South as your primary residence, you can keep your other property and do whatever you want to that other property.

[Trisky]

Originally Posted by macnyc2003

You get back the same amount as what you paid.

Thank you macnyc! So I'll have to re-start saving for a down payment for the 1 bedroom I plan on upgrading to when I sell the studio I get eventually!

[90sSitcom]

Originally Posted by Holian

As long as you keep Penn South as your primary residence, you can keep your other property and do whatever you want to that other property.

Really?
That's kind of sad

[macnyc2003]

I am surprised by this also. There’s no asset cap? A property would be an asset.

[shadypinesma]

I personally feel if you can afford to just buy a house because the wait is too long and then also purchase in PS, you have no business needing affordable housing.