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I got the lletter too and I send it...but we are a family of 6 I put any size for which I qualify but, am a little worrie because it says only one and two bedrooms am afraid we dont qualify for any of the buildinds....i was seen they do have 3 and 4 bedrooms apartments.
how does it work? I know the deadline has past, but the Westport has an alcove studio listed for $2995 and one bedrooms starting at $3495? Explanations of how it works would be very helpful since I am new to this forum and the housing options.
how does it work? I know the deadline has past, but the Westport has an alcove studio listed for $2995 and one bedrooms starting at $3495? Explanations of how it works would be very helpful since I am new to this forum and the housing options.
Thanks.
Winnie,
As you might guess, at the affordable prices, usually for 20% of the apartments, they don't last long. After these apartments are filled, rest assured it will be a LONG time before any are vacant again. Anyone moving in later will have a choice of only the market rate places at 5 times the rent as you pointed out for the Westport.
So, make sure you visit the HPD website frequently and get some applications in. They pop up quite frequently in the Manhattan real estate market, and less frequently in the Bronx.
Once in, the rents go up pretty much in line with rent-stabilized increases.
Can someone describe the LAMP program? I'm vague on it.
LAMP
This program provides financing for affordable rental housing reserved for people earning a maximum income of up to $32,280 for an individual and up to $46,080 for a family of four (or 60% AMI). Apartments created through this program are able to be rented out at affordable rents because of the low-cost financing offered through HDC. Loans are provided to private for-profit and non-profit developers in the form of first mortgages, which are made through the proceeds from the sale of tax-exempt bonds. Second mortgages are also used with this program and are funded through HDC’s corporate reserves and typically provided at a 1% interest rate. Furthermore, by using tax-exempt bonds the development automatically receives as of right 4% Federal Low Income Housing Tax Credits, which helps to further the affordability of these apartments.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Wouldn't 60% of AMI (presumably area media income) be quite a bit higher than $46,080 for NYC?
HUD uses about $64K as the median for Manhattan (New York County) based on 2009 numbers.
Perhaps a different AREA is used?
And your toes and your eyes and your relatives fingers and toes. Maybe a prayer to St. Jude if you are REALLY superstitious.
But the super deals exist, even if it takes decades to luck out. I've gotten two super-super-SUPER deals over a period of about 25 years of trying in two states. I moved from one super deal to get an even better one. So persistance, patience, and a LONG life pays off.
I lost out on a couple that broke my heart but I did even better eventually.
I have probably applied for 50 over the years...as far West as Morristown, NJ.
My biggest regret was not applying for Penn West during the 1980's, a friend did and got in.
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