Winning the Housing Lottery
The lucky winner of one of the city’s middle-income housing subsidy lotteries gets a write-up in Daily News today. The details are pretty envy-inducing: A guy who makes $85,000 a year as a technician at a high-definition video editing company entered a raffle sponsored by the Pratt Area Community Council (after reading about it on…
The lucky winner of one of the city’s middle-income housing subsidy lotteries gets a write-up in Daily News today. The details are pretty envy-inducing: A guy who makes $85,000 a year as a technician at a high-definition video editing company entered a raffle sponsored by the Pratt Area Community Council (after reading about it on this website!) and won the right to purchase a Clinton Hill rowhouse for $455,000. The monthly mortgage payments total $3,048. He’s now living there with his brother, who’s renting out the lower floors. However one feels about the “fairness” of these lottery systems, it’s hard not to be impressed by what PACC’s doing with these projects (like the earlier PACC restoration of 282 St. James Place pictured above); in addition to the obvious boon winning is to the lucky buyer, the restoration of these run-down houses has a very positive impact on the neighborhood. Are any readers among the other eight lottery winners for this batch of houses?
Brothers Find Sharing House is a Home Run [NY Daily News]
Steal This House! PACC Home Raffle Open Now [Brownstoner]
Lottery Lunacy? Allocating Middle-Income Subsidies [Brownstoner]
Photos from PACC.
check with your roth ira provider but it is my understanding you always can take your contribution out without claiming it as income. you already paid tax on it (roth ira). any interest earned is income.
I for one dont care if you stayed or sell it. It’s your perogative. Congrats!
Those are not the same buildings in the photos; also, if the photos are of the location I think they are, they are old as those houses are in good shape now…
A renovated/restored/lived in house where there is an owner (ie someone with a vested interest in keeping the place decent) is better for the community than some derelict dump. Thats clear.
There is a “cap” or better worded incentives to keep you in the neighborhood. It is a seven year plan, trust me i’m the lucky guy. the program is extremely fair, i don’t plan on ever moving. PACC efforts are excellent. believe in good karma it works.
There is a “cap” or better worded incentives to keep you in the neighborhood. It is a seven year plan, trust me i’m the lucky guy. the program is extremely fair, i don’t plan on ever moving. believe in good karma it works.
Help me out here… How was he able to take out so much tax-free?
“He made a $22,750 down payment using cash he’d saved in money-market funds. For closing costs and moving expenses, he took $22,000 in contributions he’d made to a Roth IRA, which was a tax-free withdrawal.”
does clinton hill really need this kind of ‘help’ anymore? seems to me there’s no shortage of people who can buy (and renovate) houses on their own in the neighborhood.
I have no beef with people getting the chance to buy affordable housing, but there is no way that is the same building in the two photos.