Steal This House! PACC Home Raffle Open Now
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring…
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring houses that have been abandoned and/or neglected. The group just started taking applications on the latest batch of homes — nine in all — that it has fixed up. The big prize, as far as we can tell, is 435 Waverly Avenue (shown here in its realier condition). Some lucky person (who makes less than $161,817) is going to walk away with this place for the low, low price of $600,000! Granted it’s only a 15-footer and it’s gotta be all new construction on the interior, but that’s a huge score no matter how you slice it.
Affordable Homes for Sale [PACC]
Photo by Sarah Westcott for Property Shark
pay attention people! or go to the PACC link – this has been renovated.
1:07 – The House is Move-in condition. No reno needed.
1:10 – The formulas i used are supposed to be based on gross income, not net.
Believe it or not, The numbers in this program for affordability work. Granted, you can’t live the high life – but when you buy a home for the first time you have to cut back on the luxuries. The down payment, though, is a different issue from meeting monthly obligations. that is an issue of how much you have saved, for how long, and how well it was invested.
It appears that many of the above posters did not bother to take the time to read the PACC announcement before commenting.
i’d like to see the average inccomes for home buyers in brooklyn. obviously lots of people have tons of money to spend on fancy houses, but for most it’s totally out of the question. the PACC here seems to be targeting people in between these ranges. it’s a good thought, but how many houses do they offer a year? this crop is a real drop-in-the-bucket situation. i fall within the guidelines and i didn’t need any help to buy a house in this range. but damn i sure would have liked some! i wonder what this house will appraise for.
chickenmadness,
To qualify your total gross income must be 160 or less. Someone making 160 gross is actually taking home much less.
I make 1/2 the salary cap, so I could qualify to buy the building.
One catch, I make 1/2 the salary cap, so I don’t even have a deposit for $600,000
plus the ready cash to do a gut reno, and probably still pay rent for a place to live
during the gut reno (don’t think you could even camp out in that building).
Anon 11:33–SCAM like all affordable housing programs. Fleecing the taxpayers of their dollars so politicians can line their pockets. Most of the comments on this thread are ill informed to say the least.
and your facts supporting these contentions are where?
Mr. B is this only for first time home buyers? or only for the one’s in bed stuy? thanks for any info.
This house is certainly affordable on 160K/year. The basic rule of thumb on affordability for renting (not even buying) in NYC is 40 times rent – so someone making 160K could afford to pay 4K per month – certainly enough to carry this property. And, that doesn’t even include tax benefits.
Alternately, It is recommended that you not spend more than 1/3 of your income on housing. For 600K with 5% down, your monthly cost is 3600, for an annual housing cost of 43K. If you make 160K, 1/3 your income is 53K. So you are well in range.
Plus, if the place is a gut, the maintenance won’t be as costly as keeping up other, older brownstones, because all the systems inside would be new.
I am not trying to support or defend this program. But I make less than the threshhold, paid that range for my apartment, and I make out just fine meeting my bills, enjoying an occasional night out and maxing my 401K. Sure I shop more at Gothic Cabinet Craft than west elm, and I do my own household maintenance and repairs, but I am a new home owner – and that is What you do when you first buy.