With some of the lowest vacancy rates in the nation, New York City's market for purchasing a home, co-op, or condo means that it can take persistence to find one within your budget. With this in mind, we have compiled a list of city-sponsored homeownership developments that are currently accepting applications and additional information to help you in your search. We hope that you will find it useful as a starting point for finding affordable housing.
Current City-Sponsored Homeownership Opportunities
HPD works with real estate professionals and community sponsors who market apartments and homes for sale, monitoring the sales process to ensure that city-sponsored apartments are sold through an open lottery system, and that housing is fairly and equitably distributed to eligible applicants. HPD does not process applications for homes, co-ops, or condos directly.
In order to participate in a lottery for ownership opportunities, you will have to contact the building managers, community sponsors and/or real estate professionals directly to fill out an application. There are no brokers' fees and no application fees.
Many of the homes advertised here are marketed to families whose annual gross income falls within certain boundaries. In addition to income guidelines, the marketing agent will consider the buyer's credit worthiness. In order to be eligible, you must occupy the home you purchase as your primary residence.
|Current City-Sponsored Homeownership Opportunities|
|Type of Housing||Location||Units Available||Program||Details|
|Three-Family Homes||Coney Island Home||7||New Infill Housing Opportunities Program (NIHOP)||View advertisement|
|Condominiums||2040 Frederick Douglass Blvd in the Harlem||10||421-a Program of the New York City Department of Housing Preservation and Development||View advertisement|
Thinking of becoming a first time homebuyer?
From deciding on a neighborhood in New York City to figuring out how much you can afford to pay and how to get the best deal on your mortgage, HPD's online course for First-time Property Buyers will help you through the home-buying process. In addition, you may also choose to contact any of the HPD-approved counseling agencies found on our Down Payment Assistance page.
Looking for help with your first down payment? Learn more about our HomeFirst Down Payment Assistance Program.
Trouble with credit? Many housing providers will evaluate applicants' credit worthiness in selecting tenants. Reach out to NYC Department of Consumer Affairs Office of Financial Empowerment to understand your credit report and learn how to build, maintain or improve your credit.