1160 Colgate Avenue HDFC

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1160 Colgate Ave1160 Colgate Avenue HDFC is a 16-unit apartment building in the Bronx with two bedroom apartments available. It is a resident owned and operated affordable co-op and is now looking for potential purchasers who wish to become homeowners and shareholders in an affordable housing co-op.

Applicants must show an interest in actively taking part in a resident owned and operated building, and must be willing to attend a series of training workshops given by UHAB.

Community Notes:

Address 1160 Colgate Avenue, Bronx, NY 10472, between Westchester and Watson Avenues
Subway 6 train and Bx 4 and Bx 27 buses within blocks
Parking Ample around building
Library Clason's Point branch 
Parks Near Daniel Boone Playground, Sound View Park, and Crotona Park
Community Board Bronx Community Board 9
Other HDFC Co-ops
5 HDFCs in CB 9
Notes for Interested Applicants Apartments sold as-is.  The units will only be sold to applicants who will use them as their primary residence.

 

Income Guidelines:

Because HDFC’s are created to serve the housing needs of low- and moderate-income families, no household may be over 120% of the Area Median Income (AMI) as determined annually by the Department for Housing and Urban Development (HUD.) The income limits for 2017 are as follows:

Household Size Maximum Income Eligibility (120% of AMI)
1 $80,160
2 $91,680
3 $103,080
4 $114,480

*** Income restrictions may differ between HDFC co-ops based on actual corporate documents and regulatory agreements.
 

Purchase Price and Monthly Maintenance Fee:

The purchase price and monthly rents are set so as to be affordable for families with an income of 120% of Area Median Income. Affordable is defined by HUD as spending 30% of the family’s gross annual income on housing. The projected purchase price and maintenance fee for are as follows:
Apartment Size Income Limits Estimated Purchase Price Estimated Monthly Maintenance Fee Minimum Annual Income
2 Bedroom 120% AMI $55,000 $827.00 $39,496

 

Photos:

PLEASE: NO PHONE CALLS OR EMAIL INQUIRIES.

Interested in applying for this opportunity?

Click here to begin the application process, or here for answers to some Frequently Asked Questions. In addition, please download the attached PDF for even more information. Once you submit an application of interest, a UHAB representative will contact you within 4 weeks. 

Listing Type: 
HDFC