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
Thanks for the explanation.
PACC is renovating the house first. This photo is old. There has been scaffolding up for the past several months…
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.
“Rental income can halve a mortgage payment, so I would say it makes a HUGE difference and also helps when obtaining a mortgage in the first place.”
It is a single family. No rental income possible.
“A buyer will put 2 income free years at least of their life getting it into livable condition. How much would it cost?”
The houses are already renovated.
I belive PACC does the renovation and the house is delivered in move-in condition. See the link to the announcement.
I agree that there is something very odd about this “affordable housing” Waverly deal. First of all, this place looks like a complete wreck. It also a teeny tiny 15 foot house. A buyer will put 2 income free years at least of their life getting it into livable condition. How much would it cost? On the Forum, there are regularly people opining on the cost of gut renos, which this obviously is. Let’s say you do it on the cheap for 350,000-400,000 dollars (I haven’t seen inside but this probably needs everything), you are now at 1 million dollars which you have had to finance with no income — how is this affordable housing? I don’t get it. Why not just go to a city auction? What am I missing? This doesn’t look like a deal to me at all.
I don’t doubt that it’s possible to buy a 600K home on 160K – income, but, and call me fiscally conservative as well, I don’t think it’s wise, unless you do happen to have a million in the bank and are betting that the recent levels of appreciation continue (which is unlikely). Also, size of household is a big factor…a household of 2 has a lot more disposable income. Rental income can halve a mortgage payment, so I would say it makes a HUGE difference and also helps when obtaining a mortgage in the first place.
The math makes no sense. The Waverly house is only a single family, but goes for $600K and has an income requirement of below $161K. How can you afford the house?
my partner and i jointly still make less than the PACCs guidelines (except the monroe house). we bought a place for a little less than the waverly house, with a 10% downpayment from money we had been saving for the past several years. so it is possible for people in that income bracket to buy a house like this. however, the place we bought has rental income, which makes a big difference.