Whats New in Affordable Apartments for Rent in Midtown NY in 2017

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39th street residences nyc

When you get into a conversation with your friends about the places they have lived, and the trending lifestyles, has anyone ever said they wished housing was more affordable?  What exactly is affordable?

It’s a great question and the answer is different for each and every one of us.  Housing is considered affordable when a household spends no more than 30% of its income on rent.

What is the New York City Affordable Housing Plan?

Mayor de Blasio’s affordable housing plan will create 200,000 units of affordable housing through both preserving 120,000 existing affordable housing units and building 80,000 additional units in the next 10 years. 

Is there a difference between affordable housing and low-income housing?

Yes, there’s a difference between affordable housing and the New York City Housing Authority aka NYCHA housing. The latter oversees public housing projects that are reserved for low-income families. NYCHA developments are built with federal, state, or city funds and are exempt from certain local laws. The national Section 8 program, which allows tenants to put 30 percent of their income towards rent in privately-owned buildings with the federal program subsidizing the difference falls under NYCHA as well.

Do I qualify and how do I apply for an apartment?

There’s no one formula to find out if you qualify for affordable housing. Qualifications for obtaining affordable housing is based on household income falling between a particular development’s upper and lower limits; household members meeting guidelines, a history of good credit—and obviously, no legal, criminal or housing issues. New York City Housing Preservation and Development aka HPD has a centralized portal called NYC Housing Connect, which allows users to create a profile, search housing lotteries that are currently accepting applications, and, in some cases, apply to buildings right online (others still require a snail mail application request). According to the portal, “After the deadline, applications are selected for review through a lottery process. If your application is selected and you appear to qualify, you will be invited to attend an interview to continue the process of determining your eligibility. Interviews are usually scheduled from 2 to 10 months after the application deadline. You will be asked to bring documents that verify your household size, identity of members of your household, and your household income.

What Affordable Housing apartments for rent in Midtown New York are available in 2017?

There are four new residential apartment buildings for 2017 – American Copper Buildings, 555Ten, 507 West 28th Street and 225 East 39th Street Apartments aka House 39.

American Copper Buildings are two “dancing” copper-faced towers, connected 300 feet up by a giant, three-story skybridge in the Kips Bay neighborhood of New York City. Soaring 48 stories high these jaunty towers will be the future home of 761 families of which 160 apartment units have been set aside for Affordable Housing.

555Ten is a 53 story, 610-foot-tall glass encased tower quietly rising at 555 Tenth Avenue and 41st Street. Of its 600 units, 120 of the apartments for rent in Midtown New York will be for Affordable Housing offering a rooftop swimming pool, fitness floor, and 24-hour concierge plus on-site pet care. 555Ten is scheduled to open September 2016.

507 West 28th Street has been officially christened the Maestro Chelsea West with a 35-story, 220-unit tower at 323 Tenth Avenue, and two adjoining 13-story buildings at 507 West 28th Street that provide an additional 155 rentals. It will offer 75 affordable housing units with initial costs ranging from $596/month for a studio to $979/month for a two-bedroom.  Amenities for the rentals include a recreation room, a roof deck, and a gym. 

Cool, blue and curvy, the 225 East 39th Street Apartments also known as House 39 is located in Murray Hill and scheduled to open early 2017. House 39 is 36 stories high, contains 373 apartment rentals including 75 apartments for Affordable Housing. 225 East 39th Street offers an impressive pack of amenities, including a fitness center, swimming pool, children’s playroom, hot tub and sauna, yoga studio, lounges, a café, a library, game room, outdoor terrace, courtyard garden, 35th floor roof deck with cabanas and barbecue stations, bike storage and on-site parking.

A New York minute walk to Grand Central Station and the 33 Street Subway Station, House 39’s location is ideal a deal not to pass up.

 

 

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