There is a new lottery for New Yorkers looking to become homeowners: Belle Gardens Cooperatives. It will give 46 families the chance to buy one- and two-bedroom apartments in Brooklyn’s Bed-Stuy neighborhood.
The apartments are in four buildings at various locations on Suydam Place and Ralph and Rochester Avenues. Amenities vary per building, but some have shared backyards and terraces or private balconies.
Families who make between $83,126 and $218,010 are eligible to apply. Prices are expected to cost between $205,827 and $429,664.
While these prices are certainly higher than the Mitchell-Lama co-op sales we’ve recently told you about, these co-ops offer more flexibility in resale rules and inheritance.
Belle Gardens requires buyers to put 10% down, which is lower than the typical 20% down payment in market-rate co-ops. Buyers may be eligible for down payment assistance programs like the HomeFirst Downpayment Assistance Program.
This lottery ends on Jan. 8, 2025. You can learn more about the buildings by going to their website. You can also apply for the lottery on Housing Connect.
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