Historic Front Street Advertises Affordable Units Through Latest HFA Lottery
Affordable housing lotteries in New York City have drawn thousands of eager renters to flood advertised apartment buildings with applications, so we know everyone is looking for that needle-in-a-haystack chance. The streamlined New York Housing Preservation and Development website, NYC Housing Connect, has created huge interest in affordable housing units that it has attracted more than 70,000 applicants for openings.
But other affordable housing lottery notices can be found through the New York Housing Financing Agency (HFA). In fact, there are new notices for lottery openings for apartments in Manhattan, Queens, Brooklyn and the Bronx now on the HFA website. The HFA site also lists all buildings across New York City (and state) that have waiting lists for affordable units. You can look up buildings on the list and write to building management to check on potential lottery or wait list opportunities.
Historic Front Street
But as of now, there are calls for lottery applicants at buildings throughout NYC. For example, one of the new listings on the HFA lottery site includes apartments for rent at the Historic Front Street development in the Seaport area. Here’s what the ad says:
“Historic Front Street Development, located in lower Manhattan, is pleased to announce that applications are being accepted for the waiting list. Under the NYS Liberty Bonds Program, eligible families and individuals income cannot exceed 150% of the area median income,’’ the ad states. The size, rent, and income requirements are as follows.
- A Studio (household size 1) will rent for $2,268, with income range of $75,600 to $90,750.
- A 1-bedroom can accommodate up to two people with monthly rent of $2,430 based on income ranges from $81,000 – $90,750 for a single person, $81,000 – $103,650 for two people.
- A 2-bedroom affordable unit at Historic Front Street can accommodate 2-4 residents with monthly rent of $2,913 with allowable income ranges of $97,100 – $103,650 for 2 tenants, $97,100 – $116,550 for three tenants and $97,100 – $129,450 for four tenants.
Historic Front Street consists of 11 restored 18th-century buildings and three modern buildings on Front Street between Beekman Street and Peck Slip, one block south of the Brooklyn Bridge. The complex has 13 ground-floor retail spaces and 95 rental apartments ranging in size from approximately 600 to 1,400 square feet.
Historic Front Street market-rate unit
These affordable unit rates at Historic Front Street via the HFA lottery are less than half the market rate for similarly sized units. For instance, a 2-bedroom Historic Front Street unit (above) at 217 Front Street was listed for rent at $6,350 before it went under contract.
Meanwhile, among the other new listings for affordable housing lotteries via HFA are units at:
- 149 Kent Street in Williamsburg, where HFA lotteries list these qualifications for lottery applicants.
- 455 West 37th Street in Manhattan, where HFA requirements for $533 studio rental is income between $20,640 and $24,080.
- The Monterey at 1501 Lexington Avenue, where a studio renting for $565 is available to lottery winners making under $24,200.
The Monterey at Lexington
The lottery units at various buildings throughout the city and state are made available in development projects that used New York’s Housing Finance Agency funds for development. In exchange, certain units are retained for the express purpose of providing affordable housing.
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