Update Winter 2022
Eight New Affordable Homeownership Developments in Marketing Phase at the Housing Partnership
by Shelia Martin
The Housing Partnership’s Marketing and Compliance team is currently marketing eight affordable home ownership developments, a mix of co-ops, condominiums and two and three family homes. Two of the developments are co-operatives located in Manhattan. Affordable homeownership opportunities in the borough are rare, so the huge response from potential buyers was expected.
Conveniently located in the Lenox Hill and Hell’s Kitchen neighborhoods respectively, 1402 York Avenue and 505 West 43rd Street, benefitted from the City’s Inclusionary Housing (“IH”) program. In exchange for creating an agreed number of permanently affordable units, the IH program grants the developer a zoning bonus to increase the number of market rate units, either on site or at another location. The Housing Partnership worked with the owner/developers and HPD to determine the correct pricing, identified residential lenders for the purchasers. We will also provide first time homebuyer training. We are currently working our way through the City’s Housing Connect 2 platform to identify and qualify eligible applicants, offering them the opportunity to own a very affordable co-op apartment in Manhattan.
The Housing Partnership’s involvement in a project adds value to the City, the community, our clients and our partners. We help keep projects affordable by providing tax benefits or grants to the development through the nominal ownership of the property by one of our housing development fund corporations (HDFCs), and in compliance with HPD Marketing requirements as an approved Inclusionary Housing Administering Agent and 421-a (16) Marketing Monitor, leasing or selling affordable apartments and homes. We are currently working in 10 different developments to lease 300+ affordable units to eligible applicants.
Contact Housing Partnership to discuss how we can help save you money, secure subsidy for your development, go green navigating the state’s and city’s environmental requirements and market your affordable development so that it meets all compliance requirements.
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