I just relocated to NYC buying property in Manhattan. I meet income restriction but still own property elsewhere , Do I qualify, eligible to buy HDFC

Asked by Margaret Chwascinska-sharel, New York, NY Sat Feb 25, 2012

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Semerun’s answer
Semerun, , New York, NY
Fri Mar 2, 2012
Each HDFC building has their own rules. Some boards will allow you to own other property, but many will not. Many of those that do allow you to own another home will expect the HDFC apartment to be your primary residence.
1 vote
Elena Ravich,…, Agent, New York, NY
Mon Feb 27, 2012
Hi Margaret! I believe, as long that your new home will be your primary residence and you meet the income restrictions of a particular coop, you should be able to purchase HDFC apartment. The income restrictions are based on area median income standards, and in many cases either less than 120% or 165% area median income. Therefore, specific buildings will have different income requirements depending on the location, as well as on the size of a family.

When buying this type of property, the purchaser has to be approved by the board the same way as in a regular coop, and generally buyers should not pay more than 30% of their gross income in housing costs (including maintenance, loan payments, and insurance).

When buying HDFC coop, one should also be aware of a flip tax (varies for different coops) payable by the seller, which is a way of sharing the profit made on sale of the coop apartment with the coop. I have access to all Manhattan listings and would be glad to be of any assistance with your apartment search and finding a suitable financing.
Elena 646 593 7207
1 vote
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