Affordable Housing

I want to sell a condo purchased from an affordable housing program in New York City. Are there income restrictions for buyers, and are there restrictions on my asking price?

Ask Gothamist can't help but notice - it seems that the most popular questions involve real estate and romance (the most sought-after things in NYC?) According to the New York City Department of Housing Preservation and Development FAQ,there are several affordable housing programs in NYC - including ones for low-income, middle-income, and elderly New Yorkers - all of which have various income restrictions. Since we don't know which program you purchased your condo through, we can't really answer your question in detail but we're pretty sure that yes, you would have restrictions on your asking price and that there would be income restrictions for buyers. With certain programs, the homeowner must fill out specific forms and return them to the HPD before selling a home, since the new homeowner would be assuming all or part of the City's subsidy. We suggest you start by logging on to the HPD website or calling 311 for more information about your specific circumstances.

For Ask Gothamist readers who are interested in learning more about applying for affordable housing programs, you can request information about the various programs available by logging on to the HPD website or calling 311.