The Cadman Towers in Brooklyn Heights transitioned from Mitchell-Lama to HDFC, allowing for higher sales prices and income generation for building repairs. An affordable housing lottery has commenced for first-time homeowners, featuring 19 apartments priced over $100,000. The lottery includes nine one-bedrooms, six two-bedrooms, and four three-bedrooms available for those earning between $78,137 and $251,125 annually. Applicants must have assets under $271,775 and are required to make a 10 percent down payment, while residency as a primary home is necessary.
The Cadman Towers complex in Brooklyn Heights is now offering an affordable housing lottery for first-time buyers, featuring 19 units priced over $100,000.
Previously functioning under Mitchell-Lama, the Cadman Towers' conversion to HDFC allows higher sales profits for residents and enables necessary repairs to the buildings.
Units in the lottery include nine one-bedrooms priced between $168,928 and $186,760, six two-bedrooms from $240,019 to $248,500, and four three-bedrooms between $269,644 and $275,381.
Applicants for the lottery must be first-time buyers, earn between $78,137 and $251,125 annually, and have assets capped at $271,775.
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