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Location: Read the Marketing Handbook, and Income a Guide.
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CADMAN PLAZA NORTH 140 Cadman Plaza West Brooklyn, NY 11201
Is a Mitchell-Lama Co-op not to be confused with Cadman Towers.
Cadman Plaza had a lottery for 2-bed, and 3-bed Waitlist which closed on August 31, 2023. Log#s were issued in September, 2023. Log#s were limited to 100 for 2-bed, and 50 for 3-bed.
Location: Read the Marketing Handbook, and Income a Guide.
2,117 posts, read 1,720,950 times
Reputation: 508
Quote:
Originally Posted by Quecaromero
Does anyone know if the are already sending the letters for the waitlist? How can we know our position in the List?
Thanks!
Log in, if log#s have been posted they should appear there.
Even if you are log#1, it would be uncommon to move through the process to get an offer quickly. Perhaps a year minimum. This is an existing building and likely an excellent value, certainly an excellent location. For those reasons residents don’t leave often. Without a vacancy, the list will not move. Just because they have started to form a new waitlist does not mean they are completely finish with an existing waitlist.
I received a letter today. I was called for a 2 bedroom. My question is I am the only tenant. Would they disqualify me if I am the only tenant for a 2 bedroom ?
Location: Read the Marketing Handbook, and Income a Guide.
2,117 posts, read 1,720,950 times
Reputation: 508
Quote:
Originally Posted by jloaizas
I received a letter today. I was called for a 2 bedroom. My question is I am the only tenant. Would they disqualify me if I am the only tenant for a 2 bedroom ?
CADMAN PLAZA NORTH, 140 CADMAN PLAZA WEST, BROOKLYN, NY 11201 • MITCHELL-LAMA CO-OP. I mention this because there is an entirely different development called Cadman Towers. People confuse the two.
Yes, as a one person household you are not qualified for any unit in this lottery. There are only 2 and 3 bedroom units in this lottery. Your very good luck seems to be wasted here.
You would not be a tenant if you do qualify because it’s not a rental. The PURCHASE price is between $46K and $56K. Are you prepared to finance that? There are income qualifications, $34K - $191K, do you meet this?
By entering the lottery which has a limit on the number of log#s drawn (100 for the 2 bed, 50 for the 3 bed), and getting a log# you taken away a limit opportunity for a qualified household that was not drawn. Read the notice, it only takes a minute. Don’t hurt the chances of other households for entering a lottery you are not qualified for.
It’s a waitlist. Return the application as a two person household. It’s unlikely you will be asked purchase soon.
You should find roommate or relationship partner. Preferably a trusted family member and a NYS resident with a qualifying credit score.
This is an amazing life changing opportunity. Try hard not to miss it. You are unlikely to get a better deal on housing in NYC, if you do you will need to be lucky in another lottery. Try to find some way to make it work by creating a two person household. It’s a co-op purchase not a rental.
The notice clearly says:
‘OCCUPANCY STANDARDS: Two bedroom apartments. Two to four people. Three bedroom apartments. Four to six people OR parent or guardian with 2 children.’
‘ IMPORTANT NOTICE: (FAILURE TO COMPLY WITH ANY OF THE FOLLOWING WILL RESULT IN DISQUALIFICATION)
• Applications are not transferable.
• If selected from the lottery, all Applicants and Co-applicants only must have a 680 or above credit score in order to move in.’
And more.
The original notice says ‘• Any applicant that does not have the proper family composition will automatically be disqualified.’
I can’t guess when they make that determination. Maybe entering the lottery does not yet count as being an applicant. Perhaps, getting married before sending in paperwork would get you through, or adding a family member to your household.
It’s a minimum of 2 people and a maximum of 4 people. A household member can be a child. All household member’s income counts towards the 125% AMI income bracket ($33,903 - $190,625). The combined income can’t be lower. In some buildings the income can be higher if a surcharge is paid. I don’t know if that is the case here.
It has to be your primary residence for members of the household. Not sure what happens with a child in joint custody.
I don’t know the details of what the definition of a ‘household member’ is. There could easily be rules against just adding some random roommate you found. Start thinking about family members, a parent, sibling, adult child. If it’s a minor child they will ask about custody and such. Step siblings, cousins, nieces, nephews and so on.
There is going to be plenty of paperwork as they determine the household income. This means thesecond person or more that you add to the household should be reliable and will provide you and them the required documents. Missing documents can mean disqualification.
Typically, if the household shrinks after you have purchased the co-op you are not made to downsize. For example, you got married then you as a couple buy the co-op. After awhile, your spouse dies. As a result you are a one person household but since you bought in as a two person household it’s all good. I suspect that is how it works. I am not an expert.
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