New Development Will Bring Affordable Co-Op To First Time Home Buyers


New cooperative building will give first time home buyers affordable opportunity to own their home. On February 28, 2018, the Department of Housing Preservation & Development (HPD) announced plans to develop a 100 percent affordable seven-story co-op building in the Williamsbridge section of the Bronx. The building, named Sydney House, is the first affordable housing development to be financed under the HPD’s Open Door program.

The Open Door program funds construction of cooperative and condominium buildings affordable to moderate and middle income households. Once construction is completed, the developer sells the ownership units via lottery to households who agree to owner-occupy their units for the length of the regulatory period, which will be a maximum of 40 years. If the purchaser sells or refinances during the regulatory period, the purchaser may realize up to 2 percent appreciation on the original purchase price per year of owner occupancy. Upon resale, the purchaser will also be required to sell to a household making no more than the project’s income cap.

Under the program, HPD may provide maximum subsidies. Maximum subsidy amount will be based on market conditions and target levels of affordability, as determined by HPD. Subsidies may also be adjusted for sit acquisition costs.

The Sidney House development will be led by nonprofit Habitat for Humanity New York City and Almat Group. The development is 77,000 square-feet and will contain 56 units. The units will include a mix of one, two, and three-bedroom units. The sale prices range from $188,823 for a small one bedroom to $326,000 for a three-bedroom, affordable to low-to-moderate-income households and will remain affordable for the next 40 years.

HPD Commissioner Maria Torres-Springer said: “Homeownership is a dream for so many working families, and Open Door is staying true to its name and making that dream a reality by breaking down many of the barriers to entry many New Yorkers face. The program’s first development, Sydney House, will create 56 opportunities for people to change their lives and strengthen their communities by owning a piece of their city.”

City Council Member and Housing and Buildings Committee Chair Robert E. Cornegy said: “There is nothing more important to creating a fairer, and more economically equitable city, than helping more people build wealth through buying homes. The Open Door program will be a critical pathway to homeownership for New Yorkers, and today’s announcement serves as an important milestone in developing more opportunities for first-time home buyers to find homes they can afford right here in New York City.”

By: Dorichel Rodriguez (Dorichel is the CityLaw Fellow and a 2017 New York Law School graduate.)


One thought on “New Development Will Bring Affordable Co-Op To First Time Home Buyers

  1. I am a local community organizer working with over 5o minority hard-working low income families. We are meeting and asking for support in our struggle to become members permamnent residents in our communities. Home ownership is the only way for us, working poor to remain in our communities and develop a sense of belonging.
    We are 50 famiies, organized, educated, committed to achieve ouir dream of becoming own owners. We advocate for city land to be given to our local community leaders to transform it into law income coops. We know that our request can be done, we are asking to be heard by our local and city goverment.
    Please, contact us and give us the opportunity to discuss our plan. Home Garantee not a lottery.
    Our group is called: together for the right to a roof”” Juntos por el derecho a un techo:|””

    Yolnada Torres
    Yolanda Torres:

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