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Stuy Town’s latest affordable housing lottery offers apartments from $1,462/month

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The lottery is geared toward middle- and upper-middle-class New Yorkers

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Gramercy’s Stuyvesant Town-Peter Cooper Village, one of the largest residential complexes in the city, is back with another affordable housing lottery that caters to middle- and upper-middle-class New Yorkers.

This time around, the lottery is offering studios through five-bedrooms with rents ranging from $1,462/month up to $5,508/month, reports Patch. The lottery is catered to individuals and families making either 80 or 165 percent of the area median income, so depending on household and apartment size, this can be an annual income between $43,860 to $268,620. Those interested in trying their luck can apply through the complex’s website and have until October 11 to do so.

In February 2017, the complex launched an affordable lottery that also geared to a crop of New Yorkers that are in higher income earning brackets, possibly stretching the definition of affordable. However, it is important to note that while the lottery is a bit on the high end, it’s still cheaper than the complex’s market-rate units, where prices currently go from $3,535/month for a one-bedroom to $4,800 for a three-bedroom.