Home Buying in Westbury>Question Details

Jacqueline, Other/Just Looking in Long Island, KS

I just received my NYC Housing Choice Voucher. Is it possible to get a co-op?

Asked by Jacqueline, Long Island, KS Mon Sep 8, 2008

At the briefing, the speaker made mention that although buying a condo is out because you aren't allowed to own property, a co-op is accepted because you are buying shares in the building. Now, does this mean that I could (with a co-signer) acquire a mortgage to get a co-op and have the vouchers paid in my name in order to pay off the mortgage? Also, will HUD factor in the price of maintenance fees? I plan on porting to Long Island.

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6
Mark R Rienzie’s answer
Hi Jacqueline

The acceptance of a voucher will depend
on the Co-op Developement.

The voucher may stipulate certain requirement
not in accordance with some co-op by laws.

All co-op boards are different but most that I
know are extremely critical as to purchasers
financial status. (income, credit, down payment etc)

Currently, co-op boards do not have to disclose
any reason for declining a purchaser.

Call or e-mail for more info.

Mark R. Rienzie
Century 21 Laffey Associates
Tele: (516) 333-0025 ext 313
E-mail: mrienzie@laffey.com
1 vote Thank Flag Link Tue Sep 9, 2008
Jacqueline,
It looks like you'll have some time to look for a home to buy according to the DHCR website, they say:
When a subsidy becomes available, the household is issued a Housing Choice Voucher. Among other requirements, the family must participate in the program for a minimum of 12 months before it is deemed eligible for the home ownership option.
Jolie
Jolie Muss
Licensed Real Estate Broker & Brokerage
331 Columbus Avenue
New York, NY 10023
Office: 212 721-3301
Email: joliemuss@joliemuss.com
Web Site: http://www.joliemuss.com
Real Estate Blog: http://www.myspace.com/nycexpert
1 vote Thank Flag Link Mon Sep 8, 2008
Thanks for the responses! The thing is, I didn't want a house or condo (I've heard of the program for 1st time home buyers). On the voucher, you have 4 months to find something and unfortunately it's not that easy finding a place that's decent and have a school for my child. The speaker giving the briefing made a statement that a co-op is doable as you are not owning the place (like you would a house or condo). I've tried calling but I've let a message.

I currently live on Long Island but I received the NYC voucher as the list on LI is closed. When I mentioned 'porting' I meant moving the voucher from NYC to North Hempstead housing. I was just wondering if a mortgage could be had and the voucher checks could go towards the payment. Not many people are taking vouchers for apartments, eventhough I was told that doing so was discriminating against a voucher program.
0 votes Thank Flag Link Mon Sep 8, 2008
Jacqueline,
I'm not sure, but it looks like it's the other way around (that you might be able to buy a condo) as I see that in the programs in other counties that houses were purchased.. It appears that this is a pilot program so it may have different criteria. Here is more contact info:
NEW YORK (NYS DHCR)
Subsidy Services Bureau of NYS Division of Housing and Community Renewal
http://www.dhcr.state.ny.us/Programs/Section8HCV/sec8admins.…
Home Ownership Program approved December 2006
Contact: Alan Smith
alsmith@nysdhcr.gov
(212) 480-7469
Please let me know how it works out!
Jolie
Jolie Muss
Licensed Real Estate Broker & Brokerage
Office: 212 7213301 Contact: joliemuss@joliemuss.com
Web Reference: http://joliemuss.com
0 votes Thank Flag Link Mon Sep 8, 2008
Jacqueline,
Wow, interesting question! Actually never heard about this aspect before but now I'm eager to learn about it..
I did find an informative link but it will take me some time to read up on it.. In the meantime here is the link: http://www.dhcr.state.ny.us/Programs/Section8HCV/
Where are you planning to live? I'm intrigued by your statement: "I plan on porting to Long Island".. .Do you mean traveling by ferry or am I unaware of some new means of transportation? :) Please let us know if you get the answers, as I 'm sure other brokers and agents would like to know more about all of this.
Jolie
Jolie Muss
Licensed Real Estate Broker & Brokerage
Office: 212 721-3301 Contact: joliemuss@joliemuss.com
Web Reference: http://joliemuss.com
0 votes Thank Flag Link Mon Sep 8, 2008
As far as I know, Vouchers are issued for assisting rental situations for people who cannot afford the large rents of the market. They donot extend to buying of any property, co-op or otherwise. You should ask your housing voucher representative for any further advise.
Web Reference: http://paulmvpteam.com
0 votes Thank Flag Link Mon Sep 8, 2008
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