could a wealthy person buy a HDFC Property with income restriction condo apartment?

Asked by Lolany, New York Thu Mar 22, 2012

in other words, does the HDFC (or the building board?) look at your net worth or do they just look at your annual income?

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Mitchell Hall, Agent, New York, NY
Thu Mar 22, 2012
Hi Lolany,

Depends on the definition of "wealthy" HDFC coops an affordable housing program. However they want prospective purchasers to have assets. If your assets are not generating income above the income cap a person may still qualify. They look at the whole picture but the income must qualify. They may use a formula that treats cash as a percentage toward income. For example 2% of liquid assets will count toward income.

I've successfuly represented both sellers and buyers of HDFC coops and HPD condos. Feel free to contact me with any questions or for help with the purchasing process. I'ts always best to have a buyer's agent represent your interests.

Best,

Mitchell Hall, Associate Broker,
The Corcoran Group
917-312-0924
MHALL@corcoran.com
1 vote
nono789, Home Buyer, 60610
Mon Nov 18, 2013
you can't as$hole. These places are for people that need them.
0 votes
Wow! Unfortunate that I've worked my whole life to get to a point where I am turned down on some of the best places to live at that I can actually afford. I don't make enough to get a "real" loan but can't buy a nice mobile home in a park. So glad my taxes assisted!
Flag Mon Jan 13, 2014
You're incorrect and don't seem to understand the purpose of the program. There are, for example, many income-restricted co-ops on the market in NYC for $700k-$1 million. Even at $500k, you're looking at a monthly mortgage, maintenance, and taxes at around $2500-$3000, which isn't cheap. HDFC co-ops are implicitly for people with assets (albiet fewer), and not the very poorest, which was essentially the question here. But way to be an anonymous jerk.
Flag Thu Nov 21, 2013
Jenet Levy, Agent, New York, NY
Fri Mar 23, 2012
HDFC co-ops look at your income. Your income must be under the cap. Your assets are what will allow you to be able to buy it, rather than restrict you. That is because most people who fit the income caps do not have the income to be able to qualify to buy the apt. Therefore you do need assets (or gifts) in most cases to be able to make the purchase. So no, assets do not disqualify you.
0 votes
Semerun, , New York, NY
Thu Mar 22, 2012
Most HDFC's are only restricted with income requirements and that the apartment be your primary (and frequently only) residence. The reason why so many HDFC apartments are priced at aspirational levels is that the owners/brokers hope to find someone with a high net worth atypical of the income restrictions. Also keep in mind that most HDFC's have a high flip tax to discourage buyers that perceive the apartment as a investment opportunity.
0 votes
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