Today, the Post has an exposé on some New Yorkers abusing a homeownership program meant for low-income New Yorkers (which these days is pretty much everyone). Apparently New Yorkers making less than 165 percent of the average income for New York City can buy one of 25,000 co-op apartments in the boroughs offered at between $250 and $40,000. That means a family of four making $125,400 or less can qualify. Someone get Jimmy McMillan!
The program runs into problems when people buy the co-ops at the crazy low prices and then flip them for market value. At 141 Attorney Street, tenants bought the building for $5,000 ($250 for each of 20 units) in 1997 with the intention that the units be used by low-income families. However, they began flipping the apartments, and until recently there was little city oversight to catch them in the act. The building's former manager, Roberto Caballero, said, "It's a good deal. But they don't understand what it's about—providing low-income housing." However, even if you're low-income, you seem to have to know where to go. Andrew Reicher of the Urban Homesteading Assistance Board says, "You have to go from building to building and see if they have a waiting list you can sign up for. That's one of the things I'm concerned about: who gets the opportunity to move in."
If you're in the market for a low-income co-op, you can browse listings on the UHAB website. Currently there's a one-bedroom on West 156th Street going for $20,895, but we're not seeing anything in the three-figure range.
