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Kristen Lemi…,  in Sturbridge, MA

what are the guidelines for the sale of an HFDC unit?

Asked by Kristen Lemieux, Sturbridge, MA Tue Oct 25, 2011

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Hi Kristen,

Because HDFC coops were originally set up as affordable housing they must stil remain "affordable" so a buyer must qualify financially. An HDFC coop must be the buyer's primary residence. The income restrictions are based on area median income standards. In many cases the area median income standard ranges from 120% to 165% area median income. Therefore individual HDFC coops have different income requirements. It also varies depending on the size of family. A family of 8 will have a much higher income cap than one person. The income cap can range from $66,000 to around $200,000.

I've successfully listed, marketed and sold HDFC units as well as represented buyers in HDFC transactions.

http://www.corcoran.com/property/listing.aspx?ListingID=2007…

Local real estate questions and referrals are always welcome.

Mitchell Hall, Associate Broker
The Corcoran Group
646-389-3191
mhall@corcoran.com
0 votes Thank Flag Link Fri Nov 25, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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Kristen,
It depends on the building and how they work out the finances but generally for a single person
you can't have an income higher than around $66K. It's also the case that after one owns, there's no income restriction in the event your income goes higher. Did you have any specific questions about this? Are you looking in Manhattan? If so, let me know if you'd like some help finding properties.
Best, Marsha
0 votes Thank Flag Link Mon Nov 14, 2011
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