Income limits for purchasing an HDFC apartment are based on your gross income...unless you are self employed, then it is net income.
An HDFC coop must be your primary residence. Owning a home in another state may make you ineligible. Why do you own another home? Are you planning on selling that home and relocating to NY? Do you receive income from the other property? Will the income you receive put you over the HDFC income cap? These are all questions the board will want answers to.
Mitchell Hall, Associate Broker
The Corcoran Group
HDFC means Housing Development Funding Corporation. It is not an organization. Merely a building that was converted with help of the city to a coop. Once it becomes an HDFC coop, there is a Regulatory Agreement which stipulates the income guidelines and other related matters.
HPD regulates these HDFC buildings and the amount of buildings is growing. You can check the website for current lotteries and other interesting news about these buildings.
More than likely it is againt the bylaws but every building is different. HDFC buildings were/are not structured for investors. The coop board probably could evict you depending on the bylaws. Definately check it all out.
Good luck!... more
If you're looking anywhere that's listed on the Multiple Listing Service of Long Island - Queens, Brooklyn, Nassau or Suffolk Counties, I would be happy to provide you with comps. I've seen your name on Trulia a few times and answered some of your questions. I wouldn't recommend Zillow for Zestimates. As far as I know, those numbers are generated using a computer program, not humans.
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
Phyllis how are you?
I don't know much about HDFC co-ops, but my colleague actually has a listing in Harlem in an HDFC building. She just went into contract on another listing which she had in the same building, which is a long way from getting closed. If you like, send me an email with your contact info and I can put you two in touch. I am confident that she will be able to answer your questions regarding this issue.... more