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..
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.
Lic. Assoc. R.E. Broker
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.
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.