Homes in a posh NYC neighborhood are listing for less than $200K each, but there’s a catch. On August 22, 2024, it was announced that 17 affordable apartments are available through a lottery system in the Upper West Side. These residences are priced significantly lower than the area’s median home price of $1.7 million.
However, only eligible households can apply. The apartments are income-restricted and require applicants to meet specific financial criteria.
Key takeaways:
- 17 affordable apartments available in Upper West Side.
- Prices start under $200,000.
- Lottery closes on August 27, 2024.
- Only eligible households can apply.
Affordable Housing Opportunities in Upper West Side for Eligible Households
The NYC Department of Housing Preservation and Development is offering 17 affordable apartments in a prime Upper West Side location. These homes are priced at $173,801 for studios and $184,990 for one-bedrooms, making them accessible compared to the area’s average listing price of $1.7 million. However, only households making 120% of the area median income can apply, which ranges from $73,319 to $167,760 annually.
Details on the Affordable Lottery for Upper West Side Apartments
The lottery for these apartments closes on August 27, 2024. Interested applicants must be households of one to three people and cannot currently own a home. Additionally, the unit must serve as the primary residence for the winner. The apartments feature modern amenities, including air conditioning and hardwood floors, making them attractive options for city living.
Understanding the Application Process for NYC’s Affordable Housing
Applying for affordable housing in NYC can be competitive. Here’s what you need to know:
- Check eligibility based on income and household size.
- Submit your application before the deadline.
- Be prepared to provide financial documentation.
- Stay informed about other available lotteries in the city.
For more information, visit the NYC Housing Connect profile or check listings on Realtor.com.
