25 Washington Street Taking Applications for Low Income Rentals

 

25 Washington Street

The 25 Washington Street building conversion looks like it’s making good progress. The externals of the two story addition are in place and the window frames are being installed on most floors. They have also announced that applications are now being accepted for 21 affordable rental apartments in the building. This building is being converted from a commercial building to 105 residential housing rentals with financing provided through the 80/20 Housing Program of New York State Homes and Community Renewal. The state offers tax-exempt financing to multifamily rental developments in which at least 20% of the units are set aside for low-income residents-so-called “80/20″ projects. (More info on 80/20 Housing Program).

Dumbo is still one of the most expensive neighborhoods in Brooklyn with the highest median household income in Brooklyn, so this a welcome opportunity for those who cannot otherwise afford to live in Dumbo. (FWIW, as someone pointed out to us, it is the same apartment as the Humphrey’s loft in the TV show Gossip Girls.) As of today, there’s nothing under $2,600 per month rentals in Dumbo (according to StreetEasy), so a 2 bedroom for $819 or $641 is well below the market value. What do you need to do to qualify for one of the 21 low rent apartments? According to the Homes and Community Renewal document we received, the below are the minimum and maximums for each apartment type.

25 Washington Street

Set aside for households with incomes at or below 50% of area median income:

# Apartments Available Household Size* Apartment Type* Monthly Rent** Total Gross Annual Income Range*** (Min-Max)
13 1
2
1 bed
1 bed
$672
$672
$24,767-$27,750
$24,767-$31,700
4 2
3
4
2 bed
2 bed
2 bed
$819
$819
$819
$29,700-$31,700
$29,700-$35,650
$29,700-$39,600

Set aside for households with incomes at or below 40% of area median income:

# Apartments Available Household Size* Apartment Type* Monthly Rent** Total Gross Annual Income Range*** (Min-Max)
3 1
2
1 bed
1 bed
$523
$523
$19,800-$22,200
$19,800-$25,360
1 2
3
4
2 bed
2 bed
2 bed
$641
$641
$641
$23,767-$25,360
$23,767-$28,520
$23,767-$31,680

*Subject to occupancy criteria
**Gas & Electric not included
**Rents subject to change
***Income requirements subject to change

To request an application, mail a postcard indicating your name and full address to:
Washington Street Apartments, 45 Washington Street, Box 257, Brooklyn, NY 11201.

Requests must be postmarked by February 5, 2011. Completed applications must be returned by regular mail only to a different address that will be listed on the application, and must be postmarked by February 19, 2011. Applications not sent via regular mail will not be accepted. Applications postmarked after February 19, 2011 will be logged in after all other applications.

Applications will be selected by lottery.

Priority will be given to applicants who live or work in New York City and who do not live in 80/20 developments in appropriate-size units. No broker’s or application fee should be paid to anyone regarding these applications. Since there are only 21 available units, only the first 8,000 requests for an application will be honored.

Application Notice (71kb PDF file)

Previously:
{25 Washington Rentals to Open in March 2011, 23Jul2010}
{25 Washington St Progress, 14Jul2010}

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