An affordable housing lottery has opened for 10 apartments in six Bushwick tenements rehabbed by a nonprofit through the city’s Third Party Transfer Program.
The studio, one-, two-, and three-bedroom units at 135 Menahan Street, 301 Harman Street, 230 Moffatt Street, 160 Bleecker Street, and 115 and 111 Linden Street are aimed at households earning between 50 percent and 60 percent of Area Median Income. The income targets and rents are genuinely affordable compared to many of the units available through the city’s housing lottery. The buildings have been dubbed the Riseboro TPT Ten, having been renovated by nonprofit housing provider Riseboro.
The level of affordability is due to the city claiming the properties from private landlords through the Third Party Transfer Program, and transferring them to a nonprofit for $1 to renovate as affordable housing. Through the controversial TPT program, properties deemed “distressed” — such as for unpaid taxes or poor building conditions — are foreclosed on and transferred to nonprofit organizations and affordable housing developers. In this case, the properties have all been rehabilitated and will be managed by nonprofit housing and services provider Riseboro, the listing states.
Eligible incomes for the 10 apartments range from $50,949 to $120,540 for households of one to seven people, and rents vary from $1,359 to $2,264 a month depending on unit size and income level, according to the NYC Housing Connect listing…