1. What is the Housing Partnership, and how long has it been in existence?
Established in 1982, the Housing Partnership Development Corporation is a nonprofit organization that works with the NYC Dept. of Housing Preservation and Development and the NYS Affordable Housing Corporation to create affordable housing and revitalize neighborhoods through community development promoted by a dynamic partnership between the public and private sectors.
2. How do I find out about homeownership opportunities?
Check frequently our Homes Available page. This page gives you contact information for new housing developments currently seeking applications.
You may also fill out this form. We will send you updates as new opportunities become available.
3. Do I have to be a first-time homebuyer?
While our first priority is to help purchase a home for first-time homeowners, current homeowners may, under certain circumstances, buy a Partnership home. You should discuss your individual situation with a Marketing Representative of the Housing Partnership.
4. Do I ever have to re-pay the subsidy?
Repayment of subsidies will depend on how long you live in the house before you sell it. The longer you live in the house, the more profit your family can keep if you sell the house. This procedure is explained in detail in the purchase agreement (i.e. sales contract) and should be read and understood by you and your attorney, before you sign a contract.
5. Once I sign a contract for a home, how long will it take for me to move into my home?
It may take 1 year to move into your home, depending on the construction stage of the development. The period between the time that you sign the contract and the time that you move into your home gives you time to save money for closing costs and any new items you would like buy for your home!
6. Once I buy and move in, will the City or State place additional restrictions on my property?
The house and property is yours once you purchase it, just as if you bought a non-Partnership home. You will be limited to how much rent you can collect on the apartment, but the cap is well within market rates.
7. My household income is over $75,000. Can I buy a Housing Partnership home?
You can purchase a home if you have an income over $75,000, however you do not qualify for a subsidy and you must purchase the home at the unsubsidized price.
8. What should I do to prepare myself to buy a Housing Partnership home?
- Review your credit history and make sure all payments are current and your recent credit history is good.
- Save for a down-payment.
- Review your financial situation and organize bank statements.
You should also gather the following documentation:
- Latest 3 consecutive pay stubsW-2 forms from previous two years
- Signed Federal income tax returns (1040 forms) and any schedules from previous two years.
- NOTE: Any other working family member who will be residing in the new home must also submit these documents.
9. Can only a spouse be a co-applicant? Is it ok to buy the house with someone else?
You can buy a home with anyone, including another relative or a friend. Also, more than 2 applicants can apply for a home (for example, 2 couples). Remember, all applicants must individually meet the program guidelines.
10. Do I have to use a particular bank to finance my mortgage?
No, you can use the bank you feel most comfortable with. The Marketing Representative, however, may suggest banks that may provide special offers for people who buy a home through the New Homes Program.
11. I have serious credit problems, but I would like to buy a house soon. What can I do?
If you have serious credit issues, such as bankruptcy, collections, judgements and liens, contact the New York Mortgage Coalition at (212) 742-0762, or visit them online at: www.anhd.org. They will refer you to a mortgage counselor in your area.
12. I need to save money before buying. How can I be informed about future developments?
You can stay informed about future developments by requesting a brochure from the Housing Partnership Development Corporation. This brochure includes a pre-application and a listing of upcoming projects. After you have returned the pre-application, we will include you in the Housing Partnership’s mailing list. When a development becomes available in the neighborhood(s) you have selected, we will send you information.
13. If I have particular questions about the house I want to buy, who should I contact?
If you have particular questions about the house you want to buy or the homebuying process, you should refer to the Partnership developments listing that comes with your pre-application form and contact the community sponsor/contact person for the particular project.