Affordable Upper West Side Apartments with NYC Housing Lottery for $175,000

ApartmentPhoto byGerdaonUnsplash

An opportunity has emerged in the Upper West Side for affordable housing, with a limited number of studio apartments available for sale at a price as low as $174,000 in a prewar building on 165 West 80th St. The initiative is part of the city's housing lottery, which requires applicants to have an annual income below 120% of the area's median income to qualify. For instance, a single person's income cannot exceed $131,000 for a studio or one-bedroom unit, while a three-person household must stay below $168,000 for a one-bedroom apartment.

The studios range from 240 to 343 square feet, while the one-bedroom units range from 466 to 544 square feet. These apartments are equipped with air-conditioning, smart heating and cooling controls, and hardwood floors. No deposits or application fees are needed, and buyers are expected to have 5% of the purchase price ready for a down payment. NYC residents are given priority in the application process. Applications for the housing lottery close on Tuesday. The Upper West Side's affordable housing initiative on 165 West 80th St presents a unique opportunity for individuals and families seeking residence in the heart of New York City. With studio apartments available for as low as $174,000, this housing lottery aims to provide affordable options in a prime location.

The eligibility criteria, tied to income thresholds based on the area's median income, offer a fair chance for a range of prospective buyers. The sizes of the units, complete with modern amenities like air-conditioning and smart heating controls, cater to diverse needs and preferences.

Prospective buyers should take note of the 5% down payment requirement and the deadline for application submissions. With NYC residents given precedence, there is a clear push to support local individuals in their quest for affordable housing.

Source:

https://gothamist.com/news/want-an-upper-west-side-apartment-for-175000-you-have-just-days-to-apply