Here are a few things that you need to know about New York city’s affordable housing lottery. Essentially how it works is that real estate developers will get tax abatements or other incentives if they allocate a percentage of a new building to the affordable housing lottery. But there’s a lot of discussion and a lot of debate on whether these departments are actually affordable.
And I’m gonna give you a couple of examples. If this is your first time seeing me. My name is Alia Mohammed. I’m the co founder of Open Igloo and I share to tips and info on renting in New York City. So be sure to give us a follow.
In order to qualify for some of these affordable housing lotteries, you need to make a certain income. So, for example, there are 20 studio units in the Bronx right now that are available in the lottery. But in order to qualify your household of two people needs to make between $100,000 a year and $140,000 a year. Oh, and the other thing is those studios are going for $3,000 a month. So people are understandably frustrated because what screams affordable housing. But having to make $140,000 a year, paying $3,000 a month in a neighborhood in the Bronx where rents are not anywhere close to that.
Couple benefits of the affordable housing lottery is that if you get one, you’re getting a stabilized department. So the rent can only go up a certain amount. And usually these units are in luxury, high amenity buildings. We’re gonna link the lottery website in our bio if you wanna browse run stabilized listings, you can check out open igloo. Have you ever applied to the affordable housing lottery? What was your experience? Let us know in the comments.