Wednesday, May 2, 2007

20% of the time it works... Every time.

We have been waiting for the right time to buy. When I say it feels like years, it's no exaggeration. Waiting for a combination of the right time, the right price, the planets aligned, a good night at the tables, etc. The prices to buy in the city are insane -- minimum 650k for a no-frills two-bedroom in our neighborhood There isn't anything we could afford with our current salaries, and we've been spoiled by living in this incredible neighborhood. So we wait patiently and watch, like the mighty lion waits to strike his prey. Then, like the mighty lion, we will STRIKE!, signing on the x, in triplicate. And here. There too. And initial here.

Municipal workers for the city of New York (including we teachers) are entitled to some programs for low-cost housing. With two new buildings going up in the neighborhood, I was encouraged by the "20% rule" I'd heard about. The way I understood it, 20% of any new building project was designated for low cost housing for which there would be a lottery. Teachers get 5% of that lottery, and in some cases those already in the neighborhood get 50% (of the 20%). Sounds too good to be true. If you are willing to venture out of your sweet spot (still staying in Manhattan), there are deals to be had. We would benefit if I were more flexible, but I love this neighborhood too much.

It seems that the "Inclusionary Housing Program" is a tax benefit for those building new buildings. Since the apartments in the Linden are selling like hotcakes for millions a-piece, I don't know if they're too concerned over the tax breaks.

Tomorrow we go to an ACORN housing workshop to learn a little more about our options. I intend to dress the part to let them know who they're dealing with. Grrrroar.

Inclusionary Housing Program [from]

No comments: