The city’s Department of Housing Preservation and Development has officially debuted its new homeownership program for first time home buyers. Open Door, as this program is officially known, is open to middle and moderate-income New Yorkers, and was first announced in December last year, along with another program that will provide home repairs for low and moderate-income home owners.
The city is now ready to move forward with its first project through the Open Door program: a 56-unit co-op building in the Bronx’s Williamsbridge neighborhood. Located at 839-841 Tilden Street, Sydney House, will offer a mix of one, two, and three-bedroom apartments. Prices will start at $188,823 for a small one-bedroom and go up to $326,000 for a three-bedroom.
Amenities at the building will include a common laundry area, a garden, a storage area, and recreation space, among other features.
“Homeownership is a dream for so many working families, and Open Door is staying true to its name and making that dream a reality by breaking down many of the barriers to entry many New Yorkers face,” said HPD Commissioner Maria Torres-Springer, in a statement.
The city has contracted Habitat for Humanity New York City and the Almat Group to jointly develop this project, which will remain affordable for up to 40 years. The apartments will be sold through the city’s lottery system, and if an owner wishes to sell before the regulatory period ends, “they may realize up to 2 percent appreciation on the original purchase price per year of occupancy,” according to HPD. Though they would still have to sell to income-qualifying buyers.
The project is being developed at a cost of $29 million, which was acquired through various city and state sources. Construction is currently underway, though an official groundbreaking ceremony will take place next month. While the HPD does have a few projects lined up through the Open Door program, they will offer up details on them this fall. The Open Door program is part of Mayor Bill de Blasio’s larger Housing New York 2.0 agenda, to build and preserve 300,000 units of affordable housing by 2026.