First-time home buyers can now enter a lottery for units in two apartment buildings in Bushwick,
Eligible households must be between one and seven people, with incomes between $88,666 to $231,440 a year, as reported by Brownstoner.
The units will serve households who do not already own a home and who earn between 90 and 110 of the Area Media Income, which refers to the midpoint of household income distribution in specific areas.
The cheapest apartment in the lottery is a one-bedroom unit for just under $220,000 designed for households of one to three people. Other three bedroom apartments are listed for a high as almost $460,000 for households of three to seven people making between $154,000 and $231,000 a year.
The two buildings are a part of a four-building development in South Bushwick. The buildings are not clustered together but are scattered on unrelated lots within the area.
Eligible owners must also live in the apartment as their primary residence, have 5 % of purchase price available for the down payment and must not have assets that exceed the required limit. Owners must pay electric, internet costs and cable.
The co-ops have been built on land which will be managed by Interboro Community Land Trust. More information about Community Land Trusts and others which operate in New York City can be found on the NYC Community Land Initiative website.
