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New York

The city is selling co-ops in the Bronx for as little as $189K

HPD is launching "Open Door" homeownership program

839-841 Tilden Street and Maria Torres-Springer (Credit: Google Maps)
839-841 Tilden Street and Maria Torres-Springer (Credit: Google Maps)

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.

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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.

HPD first announced the so-called Open Door program in December.  [Curbed] — Konrad Putzier

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Affordable HousingDepartment Of Housing Preservation And DevelopmentPolitics