building at 941 Jerome Avenue - 7E

There are many discussions on this talk board about HDFC's, though most focus on Manhattan buildings. It's clear this building is using the 120% of AMI ratio and the price is reasonable given the affordability restrictions- though I don't know enough about prices in Highbridge to comment whether it is a decent value or not. If the same apartment were in the Hamilton Heights section of Harlem, it could easily be priced at 400k+ in many HDFC buildings.
That said, since the building does have many complaints and violations- that would be a separate but possibly much greater concern.

Remember HDFC's may have income restrictions but they don't generally have price restrictions. So if you inherited money, won a contest or lawsuit, etc., but are within the income restrictions, you can buy an HDFC home at whatever price the seller decides.

Semerun, I took a couple of classes at UHAB. This was my understanding; the selling price of an HDFC apartment should be affordable given the income limits. So you do not get a windfall when you sell. Thus, low equity. Given the income restrictions a HDFC ,(in Manhattan or any other borough), under HDFC guidelines could not be sold for 400K although many HDFC ignore the income and low equity part of the agreement (as well as the number of persons living in the size apartment) so it is possible for an HDFC in a desirable part of town to sell for a lot more than it should. I still think that this apartment is priced much higher than it should be given the income limits. We covered the section on inheritance, making more money, etc. The building has some serious violations and outstanding fines of over $36,000.00 because of those fines. Is the building responsible for these fines if the person moves out? I know about getting a lawyer who has experience on HDFC's but by the time the lawyers get involved the offer has been accepted and we are moving forward. Is it worth the risk? Any advice on how to address the violations and fines prior to making an offer or spending money on a lawyer to tell me that the building is not financially sound?