Waitlist opens for affordable, four-bedroom co-ops in Lincoln Center, from $102K

Posted On Thu, October 13, 2016 By

Posted On Thu, October 13, 2016 By In affordable housing, housing lotteries, lincoln square, Upper West Side 

The Lincoln-Amsterdam House is a 25-story co-op building that stretches from West 64th to 65th Streets along the eastern side of West End Avenue, just one block away from Lincoln Center. It’s a Mitchell-Lama development, which, as 6sqft previously explained, is a program “created in 1955 to provide affordable rental and cooperative housing to moderate- and middle-income families.” As of today, the 100-name waitlist is open for four-bedroom units in the building to households with a minimum of six persons earning between $33,440 and $149,531 annually. The co-ops will sell from $102,814 to $109,545.

lincoln-amsterdam-house-lottery

Mitchell-Lama buildings are privately owned, but are under contract with the state to keep prices affordable. Their owners receive tax abatements and low-interest mortgages. 6sqf broke down the process of owning versus renting in one of these developments:

For the cooperative buildings, residents own their units under “limited equity,” which inhibits the profit they can earn from selling their home. These contracts also last 20 years, after which time an owner can convert their building to market-rate status or stay in the program and continue to receive the tax incentives.

Built in 1976, the Lincoln-Amsterdam House has 186 units total, as well as a full-time doorman and laundry. There’s ground-floor retail, including a parking garage. Qualifying New Yorkers can apply for the units now through November 7, 2016. Complete details on how to apply are available here (pdf). Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

Use 6sqft’s map below to find even more ongoing housing lotteries. 

If you don’t qualify for the housing lotteries mentioned, visit CityRealty’s no-fee rentals page for other apartment deals in the city.

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Neighborhoods : Lincoln Square,Upper West Side

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