There is a new affordable housing lottery you should know about. It would help New Yorkers become homeowners at a cost significantly cheaper than most co-op buildings: just $17,941. And as an added bonus: this lottery also offers oceanside living.
A lottery for the waitlist at Dayton Beach Park, which is a Mitchell-Lama co-op, opened on Aug. 15. The building is located at 8600 Shore Front Parkway on the shores of Rockaway Beach in Queens.
According to Streeteasy, the median price for a home in New York City is $748K. This lottery would give applicants a chance to make home ownership attainable to middle and low-income New Yorkers.
The $17,941 listing
The affordable housing lottery is for a studio. Its monthly maintenance fee (which pays for things like building insurance and the superintendent’s salary) ranges from $698 to $770 per month.
You can check out this listing and apply on the Mitchell-Lama website. It’s worth noting that sometimes this website is buggy. So if you get an error message, try again later.
The deadline to apply for the lottery is September 4. Only 350 applicants will be drawn for the studio lottery.
For more information on what Mitchell-Lama is and how to apply, you can read our previously published guide. While the guide mostly talks about rentals and Dayton Beach Park is a co-op that you would own, much of the process is the same.
Eligibility to apply
Here are some of the requirements to apply to the waitlist lottery:
- You must be a New York State resident
- You must be at least 18 years old at the time of the lottery
- You must be financially responsible
- You can only submit one application per person. Duplicate requests will disqualify you
- You can’t be a current shareholder of the cooperative
How to apply
Online: You can apply online through Mitchell-Lama Connect. You can also easily check the status of your application there. Visit Mitchell-Lama Connect.
By Mail: Send a postcard or envelope via regular mail (registered and certified mail will not be accepted).
Include your full name, current address, last four digits of your social security number, and the bedroom size lottery you’re applying for. If any of this information is missing, your application will not be entered into the lottery.
Dayton Beach Park No 1 Corporation
P.O. Box 74
New York, NY 10272
For more details on how to apply for this lottery online and what to do if you end up on the waitlist, check out our recent article here for step-by-step instructions and extra tips.
#It would be helped to New Yorkers to be a home owners