Clinton Hill's Waverly Brooklyn Opens Lottery for 11 Affordable Condos Starting at $156,444

Lottery applications are now being accepted for 11 affordable condo units at Clinton Hill’s new Waverly Brooklyn condominium development, a 48-unit, seven-story building at 500 Waverly Avenue.

The units represent a rare example of affordable homeownership opportunities being held through lottery. Typically, affordable housing lotteries are for rental apartments, not condos or co-ops.

Available units include one studio, four one-bedrooms and six two-bedrooms. Eligible applicants must have household sizes ranging from one to four people with a total annual income between $32,617 and $41,934, or 60 to 80 percent of the area median income. The estimated prices of units range from $156,444 to $179,691.

A 10 percent down payment is required of eligible buyers, according to the lottery’s profile on NYC Housing Partnership. As well, the unit must serve as the buyer’s primary residence. Whether or not this is a buyer’s first home does not matter; however, those who currently or have previously owned property under a government assisted program are not eligible, according to the site.

Building amenities include a lobby attendant, resident lounge with library, media center, kitchenette, terrace equipped with gas grills and dining area, rooftop garden with outdoor shower, gym and, for an additional fee, bicycle storage and indoor parking.

The building, which is located near Fulton Street and the Clinton-Washington C train subway stop, was designed by The Brooklyner’s design firm GKV Architects and developed by Manhattan-based firm Orange Management.

Applications are being accepted by regular mail only — no priority, overnight or express mail — and must be postmarked by September 6.

A percentage of units will be set aside for mobility- and vision- or hearing-disabled applicants. Preference will be given to residents of Community Board 2 as well as municipal employees.

For more information and details on how to apply, see the development’s profile and Brownstoner’s comprehensive guide for applying for affordable housing.

[h/t: Curbed]

Related Stories

• Affordable Housing Lottery Opens for Bushwick Two-Bedrooms at $1,030 a Month
• Enter New ‘Burg Building’s Affordable Housing Lottery for Units Starting at $722 a Month
• East New York Affordable Housing Lottery Opens, Units Start at $788 a Month

Email tips@brownstoner.com with further comments, questions or tips. Follow Brownstoner on Twitter and Instagram, and like us on Facebook.