New Affordable Housing in Brooklyn

The Fifth Avenue Committee, a Brooklyn affordable-housing nonprofit, is involved in several building renovations throughout Park Slope, Sunset Park and Red Hook that are near completion, and the organization is accepting applications from parties interested in purchasing them.

These buildings are part of the Neighborhood Homes Program, where the city’s Department of Housing Preservation and Development conveys city-owned buildings to nonprofits for rehabilitation and sale to homebuyers.

Check out the various properties after the jump!

129 Coffey Street (second from left).

First up, 129 Coffey Street, in Red Hook (the area sometimes referred to as Coffey Heights). This three-unit townhouse has one 1,600-square-foot unit and two 800-square-foot units along with a basement and enclosed backyard. All units are currently vacant, and it will be priced in the high-$400,000’s.

384 Bergen Street.

A source of speculation on Brownstoner last year, 384 Bergen Street is located between Fourth and Fifth avenues in Park Slope. The building includes three two-bedroom units from 865 to 940 square feet, and basement and enclosed backyard. Currently, one unit is occupied. It’s priced in the low-$500,000’s.

We couldn’t find pictures for the remaining units, but here’s the information:

713 Third Avenue, between Third and Fourth avenues in Sunset Park, is three stories tall and has six units–one 1,040-square-foot two-bedroom ground-floor unit and five 590- to 735-square-foot one-bedroom units. Three are vacant, and three are currently occupied. It’s priced in the mid-$500,000’s.

413B Prospect, between Seventh and Eighth avenues in Park Slope, is a single-unit two story townhouse with a basement and enclosed backyard. It’s 1,065 square feet total, currently vacant, and priced in the low-$800,000’s. Unlike the other properties in this program, there are no income limits imposed on applicants.

The F.A.C.’s criteria for eligibility are as follows:

  • Applicants must be first-time homebuyers and cannot own other real estate;
  • Maximum annual household income is $78,500;
  • Applicants must be New York City residents, and preference will be given to residents of Brooklyn Community Boards 6 and 7;
  • Applicants must agree to occupy home for seven years, and if it is resold before seven years all of the government subsidy must be repaid, and a portion of the difference between the appraised value and the saales price may need to be repaid;
  • Existing tenants must be allowed to stay in place for seven years;
  • Homeowner training form H.P.D. or H.U.D. must be recieved within three months of signing contract.
  • You’ve got to the end of the month to apply.

    Good luck!

    -Matthew Grace

    New Affordable Housing in Brooklyn