income regulated units in condos

Started by nycborn
over 13 years ago
Posts: 23
Member since: May 2007
Discussion about
I am interested in a unit in a very nice condo in south Harlem. It is a fully occupied condo(as of 2 years ago) with a 25 year tax abatement. The building is good, doorman, well-kept etc. The income regulated units are 175% of median area income. I fit the income requirement but am wondering what I should be concerned about re: resale potential difficulties. How often are median area incomes reevaluated? What other issues should I be considering vis-a-vis this type of unit. (The apt. itself if very good.) Thanks.
Response by anonymous
over 13 years ago
Posts: 1905
Member since: Apr 2007

Just thinking out loud here but when you sell will you have to sell to a low income individual? I think there is some way that your potential profit is minimized thus you don't get in on a special price then get to sell at market value & pocket the proceeds.

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Response by anonymous
over 13 years ago
Posts: 371
Member since: Apr 2007

there are, of course, creative ways around those regulations.

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Response by anonymous
over 13 years ago
Posts: 1905
Member since: Apr 2007

I don't know anything about that but it doesn't sound very ethical, certainly immoral. Use your creativity in a manner that blesses all.

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Response by anonymous
over 13 years ago
Posts: 194
Member since: Jul 2006

Is this a real estate website or a prayer group?

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Response by anonymous
over 13 years ago
Posts: 1905
Member since: Apr 2007

Help me but F you - the wrong attitude for any site.

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Response by anonymous
over 13 years ago
Posts: 23
Member since: May 2007

I would be grateful if #3 could give me some idea of "creative" ways around those regulations.
Thank you.

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Response by anonymous
over 13 years ago
Posts: 10
Member since: Jun 2007

Use fake tax returns. There no such thing as a file-stamped return, so just phony some up with lower income.

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