Rare Lottery for Affordable Co-ops Comes to Brooklyn

In a city chronically starved for affordable housing, lotteries for affordable apartments almost always feature rentals. A rare exception is taking place right now in Brooklyn, where a lottery is offering five co-op apartments for sale to buyers who meet certain criteria, the website Brownstoner reports.

Located at 55 Summit St. in the Columbia Street Waterfront District, near Red Hook, the five-story, five-unit building under construction will be 100% affordable. Estimated sale prices range from a low of $183,039 for the lone studio to a high of $203,904 for the four two-bedroom apartments. Four adjacent townhouse apartments will be sold at market rate.

"This building is being constructed through the Inclusionary Housing Program of the New York City Department of Housing Preservation and Development," says the city's Housing Connect website. "In order to qualify for this homeownership opportunity, eligible buyers must meet income restrictions...AND ensure the combined annual cost of monthly fees, mortgage payments, utilities and property taxes are between 25% and 35% of their annual household income. This means eligible buyers may not purchase this housing opportunity in cash and must secure a mortgage in order to qualify."

According to the new building plans, the co-op development will have an apartment on each story, and the top floor will include a rooftop terrace. The homes will include washers and dryers in units, energy-efficient appliances and will be pet-friendly. The complex will be built to Passive House standards for energy efficiency, according to New York YIMBY.

The city will be holding a webinar on the apartments on Wednesday, March 23 via Zoom. The clock is ticking. Applications for the affordable housing lottery must be submitted by March 31, 2023. Apply through the city’s portal NYC Housing Connect.