Affordable Housing on Tap
It may seem like there’s not any affordable housing available, but, reports The Brooklyn Eagle, there are 700 units currently up for grabs through one non-profit development company alone in Brooklyn. The Housing Partnership Development Corp. which has created 30,000 units of affordable housing over its 25-year history, is currently offering “moderate-income” apartments at the…
It may seem like there’s not any affordable housing available, but, reports The Brooklyn Eagle, there are 700 units currently up for grabs through one non-profit development company alone in Brooklyn. The Housing Partnership Development Corp. which has created 30,000 units of affordable housing over its 25-year history, is currently offering “moderate-income” apartments at the newly-developed Bergen Street Co-ops at 1509 Bergen Street in Crown Heights (at right). The Partnership is also involved in other projects like 320 Sterling Street, which is about three-quarters done, and Atlantic Terrace next to the Atlantic Center (at top), which just started making applications available.
700 Affordable Homes, Apartments in B’klyn Now Available [Brooklyn Eagle]
Rob. Lots of people earning this amount per year and less have been financially prudent. It really is as simple as that.
yeah but who the f*ck living in nyc who makes 75K has any money saved and or no credit card debt? let’s be real.
*rob*
I meant “no credit card debt.”
Let’s be honest here. If you have an annual salary of 75k, saved your money and have no credit debt, you can well afford one of these affordables.
the income ratios are always absurd. ty is spot on. even for affordable rentals. seriously, they always put you edging out into spending like 60 percent of your income on rent (talking about the rentals btw). these affordable programs are all fluff anyway, they only benefit the developers and the lucky few who have ‘connections’. trust me trust me trust me trust me trust me, ALL subsidized buying programs are fraught with connections and fraud.
trust me.
i really do know, but ill never say why i know, tho i probably have in the past.
*rob*
Suppose we wait until someone buys there and if we begin to see a lot of foreclosure, abandonment, etc. I guess your point would be accurate. But it’s not at all proven that the purchase price relative to the income requirements won’t work, even if that’s your personal opinion based on your calculations.
Oh gawd ENY… it’s not “forced” in terms of forced to buy here. It’s forced in terms of the income restriction to purchase price ratio *forces* the owner to use a dangerously large portion of their income to live there.
It strikes me as strange that a gov’t program is DESIGNED to create a situation where making the monthly payments is a risky situation. The ratio means that you can’t save very much and thus not create a buffer if something bad were to happen (like lose your income temporarily).
This is what I mean by forced. Not you live here or we kill you. Forced to live on the edge fiscally… It creates an opportunity to buy, but not the opportunity for stability (at least not for years and years) My point is that this option is NOT “affordable” — and WE are paying for it. WE are paying for an “affordable option” that doesn’t actually improve the lives of those that take the option!
“it’s about the REQUIRED ratio of income to unit price. These housing schemes require the buyer to have a certain level of income… no more, no less.”
Yeah, so? Again, I say don’t buy there! Look, I understand that you don’t like the income parameters because public money is involved, but to say that the restrictions “make sure residents live on the edge” is ridiculous. It’s as much a responsibility of the resident to determine if they can afford to live here as anywhere else. If you don’t like this non-free-market deal, you can go into the ACTUAL free market and find some place affordable. My point is there are options and no one is being “forced” to do anything.
ENY — Did you even read my whole post? Or did you just read that sentence… it’s about the REQUIRED ratio of income to unit price. This is not the free market. These housing schemes require the buyer to have a certain level of income… no more, no less.