building at 352 West 48th Street

They probably have cash but low income.

http://nyti.ms/1yUFaUb

nyc511, I represent potential HDFC buyers in Harlem, and they are precisely the people the program is meant to help (one works with special needs kids). So far we have lost multiple properties in the $350K range to all-cash buyers. Whether the winning bidders are getting money from their parents or the sale of previous apartments I don't know (I suspect it's a mix) but the backdoor is not that purchasers are lying about their income, it's that, as NWT speculated, not all low-income people have low assets.

ali r.
{downtown broker}

Good article. Thanks.