Affordable Housing: A Bright Spot?
Earlier this summer, The Real Deal noted that during the slow market, some real-estate brokers have been bailing on market-rate condos and spending their time trying to move units in affordable housing developments with government-backed financing for first-time buyers. One such development, the MeadowWood at Gateway in East New York/Lindenwood (a complex of 19 buildings…
Earlier this summer, The Real Deal noted that during the slow market, some real-estate brokers have been bailing on market-rate condos and spending their time trying to move units in affordable housing developments with government-backed financing for first-time buyers. One such development, the MeadowWood at Gateway in East New York/Lindenwood (a complex of 19 buildings built in the 1960s formerly known as Fairfield Towers), is targeted towards middle-income buyers such as teachers, nurses, or police officers, with 1,142 one- to three-bedroom units priced between $110,000 and $349,000. The Real Deal also reported that “MeadowWood is one of several affordable housing developments that operates under a partnership between HPD and an organization called Neighborhood Housing Services. The program offers consumer loans through the State of New York Mortgage Agency program, which offers 30-year fixed-rate loans for up to 97 percent of the property’s value, based on strict income and credit guidelines.” In an announcement that’s sure to make market-rate marketers cringe, Filmore Real Estate, the building’s sales agent, just announced in a press release that over 60 units have gone into contract since January while prices, which rose in 2008, remained stable this year. GMAP
I’m gloomy about the prospects of projects like this that are this far away, because I expect things much, much closer in will end up in the same bracket.
On the other hand, it’s great to get the middle class into these neighborhoods… except that one would think it might be worth offering them something more than the typical stalinist bloc architecture for their trouble? I think?
Then again, if these teachers and police officers worked on Long Island, this would be a great commute and a great way to save on property taxes!
Home turf.
dipster, these “affordable housing” (for sale), and most rent ones, are very close to market rate anyway. also in marginal neighborhoods with crap ammenities as well. there are hundreds and hundreds (check out the nyc gov site) of available apartments for sale and rent in the bronx and harlem, but the income restrictions are weird. here is a GOOD one i found tho..
actually if anyone is interested, go to http://www.nyc.gov/housing and look at what’s available and apply.
here is a place on fifth ave in central harlem. they have studios available for one person for 872 a month, you have to make between 32K and 59K. they also have studios in same building for one person that cost 1,448 if you make between 54K and 94K. for 1 bedrooms you pay 1090 if you make between 41K and 67 K and some one bedrooms are 1,818 if you make between 68K and 107K
*rob*
The super asset housing ninja bubble is still exploding. How sweet it is!
So since these are considered ‘affordable’ apts – what’s the going rate for a one bedroom in a not so safe, 2 fare neighborhood far away from Manhattan? 110k seems market rate to me.