711 Amsterdam & 110 WEA

Why r u asking us this? We usually ask Y

You

Seasons Greetings.

I've been in a 4 bedroom with balcony (no riv vu) in 711 Amsterdam ... nice apartment, someone bleak common areas. Dunno costs/limits.

You probably already know this, but when a ML has a closed list, they have to (law) do a lottery when a particular unit size list is approaching zero. An ad has to appear in one general newspaper and two ethnic papers (I think that's the rule), submitting postcard requests for applications. Cards are drawn by lottery and a certain number of pre-numbered applications are sent out (I've heard 200, I've heard 1000, I'm sure it depends on complex size). Family size requirements must be met at that time, as well as whenever an apartment actually becomes available. Likewise, income must conform at both points to whatever the current limits are.

Some, maybe all, MLs allow you to go 50% higher than stated income max at time of acquisition, with commensurate surcharge (capped at +50%) to maintenance. At any time during residency, maintenance is surcharged on that basis.

There's no asset limit, including real estate, but once you "buy", ML must be your primary residence, with at least half each year's physical presence. Subletting is generally not allowed at all, and that's enforced, at least in Manhattan MLs.

http://www.nyc.gov/html/hpd/downloads/pdf/MLLIST.pdf

Why those particular ones? There are others that are still ML coops on the UWS. Stryckers Bay has a perpetually-open wait list, but it tends to be a 15-year or longer wait. Still, it's a NORC and people's priorities, eligibility and ability to come up with "purchase" funds can change during the duration of a waitlist.

If you're trying to help a particular family, note that it tends to be a highly unrewarding and fruitless endeavor. They want to move NOW, the "purchase" price is an unimaginable amount of money, and they always prefer a gold-star location: Penn South Houses in Chelsea, 505 Laguardia in GVill, that one in Yorkville, maybe 110WEA???

How exactly does a ML co-op work?

I couldn't find online the cost/room for any particular co-op. I scanned through ML list quickly, and the only ones that came up on UWS were 110WEA and 711Ams. Thanks, Alan.