Time to Get Your 160 Schermerhorn Lottery Ticket
If you make between $21,770 and $29,760, you’ll want to keep reading. 160 Schermerhorn, phase two of the Hamlin/Time Equities project that started with the 14 Townhouses, has begun taking applications for 100 affordable studio apartments in the building. (The building as a whole has 190 units.) And how sweet a deal is it? $625-a-month…
If you make between $21,770 and $29,760, you’ll want to keep reading. 160 Schermerhorn, phase two of the Hamlin/Time Equities project that started with the 14 Townhouses, has begun taking applications for 100 affordable studio apartments in the building. (The building as a whole has 190 units.) And how sweet a deal is it? $625-a-month sweet! No pets are allowed; nor are full-time students. Half of the units are reserved for people who already live within Community Board 2. There are also some single-digit set-asides for various physical impairments. The application deadline is April 30 and details can be found here.
Development Watch: 160 Schermerhorn Tops Out [Brownstoner] GMAP
Development Watch: Schermerhorn House Rising [Brownstoner] P*Shark
Some More 411 on the “Schermerhorn House” [Brownstoner] DOB
According to the government, Social Security is not a tax. As far as medicare, it is a very small fraction of a low wage earner – Somewhere around 3-4%. I therefore stand behind by statement that these people are paying virtually nothing in taxes.
11:49 tax accountant: No taxes?? What about SSI/Medicare?
1:45 is right. get over the liberal guilt (remember where that got us in the 70’s/80’s?), and stop making excuses for an ill-advised project that annoys lots of people who have paid alot of money for their homes in that area. and stop criticizing people for voicing dismay about it, claiming they should be “happy” about NEW low income housing in their neighborhood.
release all subsidized housing, rent stabilized, rent controlled, projects, section 8, etc. You will see how quickly rents become affordable once NYC is released from the artificial governmnet regulated housing shortages.
Yes, some people paying $0 in rent for the last 3 generations in a housing project will suffer in the short run. But in the long run, the city will be more affordible and housing will be more widely available.
I know some of you English Lit majors wont understand the concept of artificial supply shortages and govenment regulations affecting housing prices, but it is a reality that this is what is really behind the lack of affordable housing in NYC.
I don’t dispute there are individuals earning above $30K that may or will try to buck the system and try to get one of these “sweet” places. But what’s the alternative? Not build affordable housing for the (hopefully) majority of those who actually need it? That’s the only fool-proof system I can think of (speak up if you have a better solution), but it isn’t something I would support. If I can afford to buy myself dinner but take a meal from a food bank, I don’t think we should shut the whole thing down.
Actually, earning 22K or less is quite possible. At roughly $7/hr., a minimum-wage earner working 40 hrs/wk will bring home about $14,500/yr.
Montrose Morris, I think you are underestimating the lengths to which people will go to secure an affordable living space in NYC.
I’m self employed. My tax return has to make sense. I can’t claim tons of deductions, and then claim to make no money. I can’t justify paying my not cheap mortgage every month, along with utilities, including a whopping heating oil bill, taxes, etc, etc and then claim I’m not making enough to keep a gerbil alive. Of course someone applying for this apartment won’t have my expenses, but I don’t pay my excellent accountant enough for him to concoct that kind of story. He wouldn’t do it anyway.
Point being – if someone is going to go through all of that financial finagling to get a cheap studio, then their desire to get over on the Man far exceeds the average person. 99% of the people applying for these apartments are probably on the up and up, and most will not even win the lottery, anyway.
No Montrose, it is a reality. your tax return as self employed will say whatever you want it too. I doubt this lottery will conduct a full blown audit and hire forensic accountants to trace every dollar of cash you earn back to your tax return.
someone making 22K is not really possible unless you are literally a MCdonalds entry level employee. I dont think too many of these will be entering the lottery.
12:44 here.
I believe it was the “Schermerhorn Court” building