A 19-unit affordable housing lottery opened at Cadman Towers for first-time homebuyers in Brooklyn Heights. The development includes high-rises at 10 Clinton St. and 101 Clark St. and recently converted from a Mitchell-Lama cooperative to a city-sponsored HDFC. Eligible households of one to seven people may earn between $78,137 and $251,125 (125% of AMI) and cannot have assets above $271,775. Available units include one- to three-bedrooms with sales prices over $100,000 and monthly maintenance fees. Buyers must make a 10 percent down payment; larger down payments may help lower-income applicants. Applicants must occupy units as primary residences.
Apartments used to sell for five figures, and now all of the units in the lottery are more than $100,000. At the same time, the conversion wiped a years-long waiting list for the affordable units (to the dismay of those on it), creating a new one through NYC Housing Connect. Included in the lottery for 10 Clinton St. and 101 Clark St. are 19 one- to three-bedroom apartments for households of one to seven people earning between $78,137 and $251,125 a year.
In the lottery are nine one-bedrooms priced between $168,928 and $186,760, with monthly maintenance between $986.22 and $956.76, six two-bedrooms ranging from $240,019 to $248,500 with maintenance between $1,429.16 and $1,523.69, and four three-bedrooms between $269,644 and $275,381, with monthly maintenance from $1,807.12 to $1,830.68. The listings states buyers must make a 10 percent down payment, and people with lower incomes than required could qualify if they make larger down payments.
An affordable housing lottery has opened for first-time homeowners looking to buy an affordable apartment in the longstanding Brooklyn Heights middle-income housing complex Cadman Towers. The well-known development, which debuted in 1971 and comprises high-rises at 10 Clinton St. and 101 Clark St., was recently converted from a Mitchell-Lama cooperative into a city-sponsored HDFC, freeing residents to sell their houses for a higher profit and generating more income for the buildings, which are in need of costly repairs.
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