Home Buying in New York>Question Details

Alopera, Home Buyer in New York, NY

I am a student at NYU and am looking for an hdfc coop. Where can I find that type of coop around Greenwich village?

Asked by Alopera, New York, NY Thu Jun 28, 2012

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Of course there are HDFC coop's in Greenwich Village- there are a number of them in the East Village available right now. Search Streeteasy (nothing wrong with Trulia- it's just not optimized for NYC real estate), select the East Village, and select the income restricted option.
0 votes Thank Flag Link Fri Jun 29, 2012
The closest HDFC unit you may be able to find is in the Lower East Side. It is very well possible that there are HDFC buildings in Greenwich Village, but if so, there haven't been sales for years.
You have to also keep in consideration that there are restrictions on owning an HDFC unit. Besides the fact that it has to be your primary residence and subletting isn't allowed, HDFC boards want to see your income taxes for the past years to verify you are within the income guidelines and not always allow students without an income in the building..
1 vote Thank Flag Link Fri Jun 29, 2012
I currently have an HDFC coop for sale in the East Village. It is a 3 bedroom. There is also a small Junior 1 bedroom available. However, I don't know how a student can qualify to purchase a coop unless you also have a qualified verifiable income.

HDFC coops are an "affordable housing" program for middle and lower income families subsidized by NYC.

If you have the cash or are receiving a gift you will still need a documented income and no more than 25-30% of your income can pay for housing costs. It must be your primary residence and you would need to be responsible for the maintenance. Pay stubs, tax returns business and personal references are required. Are you looking to buy or rent? You may be able to sublease an HDFC coop with a guarantor and board approval.

http://listings.realbird.com/F3C5E3D9/171105.aspx


Mitchell Hall
Lic. Assoc. R.E. Broker
Corcoran
office 212.877.6268
fax: 212.230.4244
iPhone: 917.312.0924
MHALL@Corcoran.com
0 votes Thank Flag Link Sat Aug 11, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
I have some properties in the Greenwich Village area. Please contact me. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck.
0 votes Thank Flag Link Fri Aug 10, 2012
Alopera,

I would also recommend reading the HDFC Central posting board. I don't think it's been active for the last few years- but it will educate you on a variety of HDFC issues that few brokers are knowledgeable about.
Good luck to you in your search.
0 votes Thank Flag Link Sat Jun 30, 2012
Alopera,
They are around, and a good agent with experience in them knows how to find one. I have been on both the listing side and buyer side of these transactions. I can tell you that you still need to fit all the usual co-op board criteria in terms of debt to income ratio (which means you do need to be working), liquid assets after closing, credit history, etc. It is no different than other co-ops other than the income cap and a lower purchase price.
0 votes Thank Flag Link Fri Jun 29, 2012
Alopera, are you currently working?
0 votes Thank Flag Link Fri Jun 29, 2012
i am in the process of finding a job but when i find one, i will definitely fit the hdfc guidelines.
Flag Sat Jun 30, 2012
Hi Alopera!
You wont find an hdfc coop in Greenwich village.
0 votes Thank Flag Link Thu Jun 28, 2012
We have many listings in Greenwich Village. Unfortunately, we do not participate in programs that support HDFC COOP's or apartments. However, we do have apartments in that area and would be happy to help you find what you're looking for. Contact Maria@paramount-ny.com or call 212-983-5555 ext. 515. Thank you
0 votes Thank Flag Link Thu Jun 28, 2012
Consider working with an agent of your own....
0 votes Thank Flag Link Thu Jun 28, 2012
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