Asked by Bronx, Upper East Side, New York, NY • Thu Jun 21, 2012
HI, I was recently selected through a lottery to be allowed to buy an new construction coop sponsored by the HDC. The development is in Harlem and is for middle income families (upper limit is 142K). The development is beautiful and prices are very reasonable (below market) and this all looks very tempting.
I am a first time home buyer and am super nervous that I am missing something and that there are a lot of potential issues when buying an HDC sponsored building.
If I buy this will be my primary residence but there is a possibility that I will have to move in 3-4 years and dont know what I would do with the apartment - could I sublet it ? What policies guide renting and selling HDC sponsored apartments?
I am not even sure how a coop board will be formed- how does that process work? Basically I dont know anything about buying in such a building an am very nervous of potential pitfalls.
Can anyone shed any light?
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