The affordable housing lottery has launched for 1214 Dean Street, a newly rehabilitated two-family, five-bedroom home available for sale through the Small Homes Rehab NYCHA program cluster III in Crown Heights, Brooklyn. Developed by Restoring Urban Neighborhoods LLC, the structure consists of an owner’s unit with four bedrooms and 2.5 bathrooms, and a rental unit with one bedroom and one bathroom. It is available on NYC Housing Connect for first-time homebuyers at 110 percent of the area median income (AMI), ranging in eligible income from $124,006 to $205,040.
The owner will be responsible for electricity and gas for cooking, heat, and hot water. Eligible first-time homebuyers must have 5 percent of the purchase price available for a down payment from their own funds. The buyer must occupy the home as their primary residence. No member of the applicant’s household may own or have previously purchased or owned any residential property including co-ops or condos.
At 110 percent of the AMI, 1214 Dean Street has an estimated sales price of $678,000 for household size of four to nine people for incomes ranging from $124,006 to $205,040.
Prospective buyers must meet income and household size requirements to apply. Applications must be postmarked or submitted online no later than March 20, 2024.
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Not sure how this non-scalable program helps anyone. Would’ve been better to tear down this building and build a proper apartment building that could be a home for more than two families.