City sells million-dollar homes in Bed-Stuy to 10 families for roughly half price

Posted On Mon, June 4, 2018 By

Posted On Mon, June 4, 2018 By In affordable housing, Bed Stuy, Policy

Photo via CityRealty

New York City has sold 10 homes valued between $1 and $1.2 million to Brooklyn families for about half the price, as part of an initiative to promote affordable homeownership throughout the five boroughs. The two-family homes are located throughout the Bed-Stuy neighborhood and sold for between an estimated $407,000 and $625,000 (h/t NY Post). To qualify for the affordable homes, the families had to apply through a housing lottery and earn 90 or 130 percent of the are median income, which ranges roughly between $50,856 for a family of three and $153,790 for a family of seven.

The bargain was possible because of the housing department’s New Infill Homeownership Opportunities Program (NIHOP), which aims to give mixed-income communities chances to buy affordable homes. The program funds the construction of the affordable one- to three-family homes using a mix of city subsidy, private loans, sale proceeds and state subsidy.

According to the agency, preference is given to projects with one-third of the units affordable for those earning 80 to 90 percent of the AMI. Additional units are set aside for households earning between 90 and 110 and 110 and 130 percent of the AMI.

HPD officials said they received over 1,530 applications for the Bed-Stuy homes, according to the Post. About 50 percent of the units were set aside for residents of Brooklyn Community Board 3. Selected homebuyers are required to be first-time buyers and must live primarily in the home, but can rent out the extra units to generate income to help cover monthly housing bills. The rental units have income restrictions as well.

“We’re focused on creating opportunities for affordable homeownership for working-class New Yorkers,” HPD spokeswoman Juliet Pierre-Antoine told the Post. “This structure keeps costs down and creates a clear pathway to ownership for low-income families.”


The five-bedroom at 666 Greene Avenue sold for $407,000; rendering via Neighborhood Restore


The five-bedroom at 327 Clifton Place sold for $420,000; rendering via Neighborhood Restore


The five-bedroom at 633 Madison Avenue sold for $625,083; rendering via Neighborhood Restore

The affordable homes include the following: 494 Gates Avenue, 666 Greene Avenue, 327 Clifton Place, 22 Van Buren Street, 716, 718 and 720 Lafayette Avenue, 461 and 463 Tompkins Avenue and 633 Madison Street.

[Via NY Post]

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Neighborhoods : Bed-Stuy

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