The city’s Department of Housing Preservation and Development is launching the first building under its new low- and moderate-income homeownership program.
At the 56-unit development at 839-841 Tilden Street in the Bronx’s Williamsbridge neighborhood, qualifying applicants will be able to buy co-ops at below-market prices, Curbed reported. Small one-bedroom apartments will go for $188,823 and three-bedroom pads for $326,000.
The apartments will be sold through the city’s lottery system. If an owner chooses to sell before the regulatory period ends, they could receive up to 2 percent appreciation on the original purchase price.
Habitat for Humanity New York and Almat Group are jointly building the $29 million project. Construction is underway.