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After all the paper work and interviews, I just got approved for an apartment in a large Manhattan building complex that includes a bunch of affordable housing--and before I decide to move out of my current place (which is a nice loft in Bk) I wanted to get some feedback from others who have lived in these lottery-won, "affordable" (my apt would cost over $2000, cheap for the area in Manhattan, but not cheap in non-nyc reality) apartments from either side of the boat-the "80s" and the "20s":
Are the affordable apartments made to lower standards than the market rate generally speaking?
Are the affordable apartments usually clustered together?
What are some drawbacks from this program in a general sense?
Anything else I should keep in mind before signing on the dotted line?
After all the paper work and interviews, I just got approved for an apartment in a large Manhattan building complex that includes a bunch of affordable housing--and before I decide to move out of my current place (which is a nice loft in Bk) I wanted to get some feedback from others who have lived in these lottery-won, "affordable" (my apt would cost over $2000, cheap for the area in Manhattan, but not cheap in non-nyc reality) apartments from either side of the boat-the "80s" and the "20s":
Are the affordable apartments made to lower standards than the market rate generally speaking?
Are the affordable apartments usually clustered together?
What are some drawbacks from this program in a general sense?
Anything else I should keep in mind before signing on the dotted line?
Thanks so much for any and all feedback!!
What are your major concerns?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
My most general concern is that this whole affordable housing set up is a creepy scam--to help the rich get even richer through the exploitation of the poor and, in my case, middle class, which I am not trying to be a part of. This is quite cynical, I know, but it is hard not to be and specifically in NYC. Also, I love Brooklyn so I am hesitant to leave.
However, the opportunity to live in a brand new apt in Manhattan is tempting and would cut down my commute to work.
Basically, I would like to hear a bit about people's experiences to get a better sense of the program as a whole.
Some types of affordable units have slightly less expensive finishes and/or appliances--but that isn't a big deal. One drawback is that if you live in a building with market rate and affordable units then over time the market rate tenants sometimes find out who the affordable tenants are. As a result, some affordable tenants then become subjected to harassment by other residents and building staff. It's still worth it obviously so congratulations!
I'd keep your status as an affordable tenant a closely guarded secret if you can.
The OP is a little confusing. Is the $2k mentioned what he will be paying in the "affordable housing" development?
I'm not familiar with these types of dwellings. Are background checks (credit and criminal) done on all of the applicants or is it strictly a matter of being in the right income bracket and having your name tossed into the pot?
What happens if you are earning under the maximum now but in a year or two get a job that pays double what you are earning now? Is the apartment yours forever or are there yearly income checks to see if you comply or some type of significant increase in rent that goes up with your salary?
Hi Cleasach, and thanks to the others for your replies.
I'm talking about the 80/20 apartment lotteries which are overseen by the NYC HPD (or mayeb it's HUD?) Sorry if I was confusing--to answer your questions:
Is the $2k mentioned what he will be paying in the "affordable housing" development? Yes, give or take a few hundred
Are background checks (credit and criminal) done on all of the applicants or is it strictly a matter of being in the right income bracket and having your name tossed into the pot? Background/ credit checks and right income bracket and a billion other documents are required to qualify after being selected in the lottery
What happens if you are earning under the maximum now but in a year or two get a job that pays double what you are earning now? Is the apartment yours forever or are there yearly income checks to see if you comply or some type of significant increase in rent that goes up with your salary? I believe that in this case once I qualify I am in, no yearly checks, but I think that differs in other buildings/ complexes of this type
I have a friend who has an 80/20 apartment near Penn Station. He loves it. He’s an actor and could never afford to live alone in Manhattan otherwise. They’re great apartments. The only problem is there are too few of them.
THe only problem I think these new affordable housing units have is that they instanly become rent stabilized. Meaning your rent will go up every year or two, regardless of your income. When happens if you lose your job and your income goes down. Will they adjust your rent or will they ask you to leave?
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