New York.– New York City has opened an application process within its affordable housing programs where 29 families will have the opportunity to apply for the purchase of renovated apartments in Manhattan, with prices starting at US$194,930.
Unlike many of the opportunities available through NYC Housing Connect, intended for rentals in Manhattan, this program offers the possibility of becoming a homeowner through the cooperative (co-op) model.
The units are located in West Harlem, specifically in three buildings situated at 505, 523, and 527 West 134th Street, between Broadway and Amsterdam Avenue. The properties, originally built at the beginning of the last century, underwent a comprehensive renovation before being incorporated into the program.
Read more: New York offers affordable apartments in Manhattan starting at US$194,930
The offer includes two-bedroom apartments starting from US$194,930, while some three-bedroom units reach US$236,456. Interested parties have until September 8, 2026, to complete their application.
Who can participate?
The call is aimed at households that fall within 70% of the Area Median Income (AMI). Depending on the number of family members, the required annual income is approximately between US$68,242 and US$147,280.
This means that the limits are not the same for all applicants, as they will depend on both the size of the family unit and the unit they are applying for.
For this reason, buyers must use the property as their primary residence, demonstrating that they can obtain mortgage financing and have a down payment equivalent to 3% of the sale price. For the most affordable apartment, that percentage would represent about US$5,848, excluding other expenses related to the loan and the acquisition process.
In addition to the mortgage, homeowners will have to assume monthly maintenance fees that, depending on the assigned property, range between approximately US$847 and US$1,429.
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Completely renovated apartments
The properties are part of the 505 West 134th Street Cluster project and were rehabilitated through the Affordable Neighborhood Cooperative Program (ANCP), an initiative of the New York City Department of Housing Preservation and Development (HPD) aimed at transforming distressed municipal buildings into affordable cooperatives for low- and moderate-income households.
The works included structural improvements and the renovation of electrical installations, plumbing, heating, fire protection systems, kitchens, and bathrooms. New windows, flooring, video intercoms, and more energy-efficient appliances were also installed.
In this type of property, the buyer does not directly acquire the apartment as happens with a condominium. Instead, they purchase shares of the cooperative that owns the building, which grant them the right to occupy a specific unit.
Interested individuals may submit their application via NYC Housing Connect until September 8. Participating in the lottery does not guarantee the awarding of a housing unit, as those selected will subsequently need to demonstrate that they meet all financial and eligibility requirements established by the program.
By: Félix Abad
