NEWLY CONSTRUCTED CO-OP APARTMENTS FOR SALE

Transcription

1 NEWLY CONSTRUCTED CO-OP APARTMENTS FOR SALE Jupiter Sponsor LLC is pleased to announce that applications are now being accepted for 4 affordable housing cooperative apartments now under construction at 2 East st Street in the East Village section of Manhattan. This building is being constructed through the Inclusionary Housing Program (IHP) of the New York City Department of Housing Preservation and Development, NYS Affordable Housing Corporation (AHC), and The Housing Partnership. All of the apartments will feature washer/dryers, air conditioning, and dishwashers. The size and targeted income distribution for the 4 apartments are as follows: # Apts. Available Apartment Size Estimated Sale Price Household Size* Minimum Annual Income Maximum Annual Income** AHC Maximum Assets 3 Studio (540 sf) Bedroom (725 sf) $36,96 $40,5 $48,00 $23,535 2 $48,00 $55,000 $92,738 $92,738 * Subject to occupancy criteria ** Income guidelines subject to change Eligible buyers should have at least 0% of the purchase price available for a down payment, qualify for mortgage financing, qualify for the Affordable Housing Corporation purchase grant and be able to afford all purchaser closing costs. Applicants must meet income guidelines based on household size and other selection criteria to qualify. Total assets (not including 40k and other retirement accounts) of household cannot exceed the amounts listed in the chart above. Purchasers who desire cooperative loan financing must qualify for same. Please note that the quoted sales prices and minimum and maximum required household incomes are estimates and subject to change in accordance with the applicable program. Minimum income restrictions may vary. Larger down payments can lower the eligible minimum income. Informational session will be held on: AUGUST 7, 203 at UHAB, 20 Wall Street 20 th fl, New York, NY 0005 from 7PM - 8PM. Seminar attendance is not mandatory. (Photo ID and RSVP to required by building policy to enter 20 Wall St.) To request an application: By mail, write to: JUPITER at UHAB, 20 Wall Street, 20 th Floor, NYC, NY Include a self-addressed $0.88 cents stamped envelope Online: Qualified applicants will be required to meet income guidelines and additional selection criteria. Completed applications must be returned by regular mail only (no priority, certified, registered, express, oversized, or overnight mail will be accepted) to a post office box number that will be listed on the application, and must be postmarked by August 30, 203. Applications postmarked after August 30, 203 will be set aside for possible future consideration. BUYERS MUST OCCUPY THE UNIT AS THEIR PRIMARY RESIDENCE. Applications will be selected by lottery; applicants who submit more than one application will be disqualified. Disqualified applications will not be accepted. A general preference will be given to New York City residents. Eligible households that include persons with mobility impairments will receive preference for 5% of the units; eligible households that include persons with visual and/or hearing impairments will receive preference for 2% of the units. Current and eligible residents of Manhattan Community Board 3 will receive preference for 50% of the units; and eligible City of New York Municipal Employees will receive a 5% preference. Prospective applicants who currently own, or have in the last five years owned, a residence developed under a governmentally sponsored program are ineligible. No Broker s Fee. No Application Fee. Owner Occupancy Required. MICHAEL R. BLOOMBERG, Mayor The New York City Department of Housing Preservation and Development MATHEW M. WAMBUA, Commissioner This is not an offering. No offering can be made until an offering plan is filed with the Attorney General through the Department of Law of the State of New York. This advertisement is made pursuant to the Cooperative Policy Statement No. issued by the New York State Attorney General File No. CP and CD Sponsor: JUPITER SPONSOR LLC.

2 Date: July 3, 203 RE: Jupiter 2 Affordable Cooperative Apartment Dear Prospective Applicant: Enclosed is an application for the above-referenced building, which participates in a governmentally assisted affordable housing program supervised by New York City Department of Housing Preservation and Development (NYC HPD) hereinafter referred to as the Agency. Please note the following before completing and returning this application:. Applications will be randomly drawn and opened in a lottery process monitored by the Agency. Depending on the volume of applications received, it may not be possible for all of them to be opened. Accordingly, it is possible that you may not receive a response. All applicants are encouraged to monitor the internet resource center established by The City of New York ( to keep up with new housing opportunities to which they may apply. Applying to more buildings, including those in locations that might not be your first preference, can only increase the chances that one of your applications will be opened and processed. 2. Each applicant may submit only one application. Duplicate applications/submissions will result in disqualification. 3. The application should be filled out very carefully. Leaving out information pertaining to the number and names of household members applying to live in the unit, or their incomes, may result in disqualification. In addition, DO NOT USE WHITE-OUT OR LIQUID PAPER anywhere on the application. If you need to correct a mistake, you should (a) cross one line neatly through the information, (b) write the revised information neatly next to it, and (c) sign your initials near the change. 4. ONLY THE APPLICATION ITSELF SHOULD BE SUBMITTED AT THIS TIME. DO NOT ATTACH ANY CHECKS OR OTHER DOCUMENTS TO YOUR APPLICATION. If your application is selected for further processing, additional information will be requested at that time. 5. No broker or application fees may be charged in connection to this program. If your application is drawn for further processing, a non-refundable credit check fee ($50 for households with up to 2 adults) will be collected by the Administrative Agent at that time. Again, this should NOT be sent with your application. Page of 3

3 6. Income Eligibility: attached is a chart which breaks down the mandatory income levels for the affordable units in this building, based on family size. All income sources for all household members should be listed on the application. In general, gross income is what is calculated for most income except that net income is analyzed for self-employed applicants. Net business income from current and prior years is considered for self-employed applicants, and such applicants must have at least two complete years in the same self-employed field. However, apart from these general guidelines, every applicant s income information (both current income as well as from the recent past) will considered to evaluate eligibility and document a continuing need for housing assistance. Further, please note that all sources of income must be able to be documented and verified. If your application is selected for processing you will be contacted with a list of such documentation which you will need to provide at that time. 7. Other Eligibility Factors: In addition to the income requirements, other eligibility factors will be applied. These include: A. Credit History B. Criminal Background Checks C. Qualification as a Household - Agency s low-income housing programs are designated for individuals, families and households who can document financial interdependence as a household unit. These affordable programs are not intended for roommate situations and so such applicants will not be eligible under this household criterion. D. Continuing Need Applicants to the Agency s low-income housing programs must demonstrate a continuing need for housing assistance through an analysis of their assets and recent income history. For example, applicants may not have more than $250,000 in total household assets (excluding specifically designated retirement accounts such as IRAs and 40Ks). E. OTHER: Qualify for New York State Affordable Housing Corporation (AHC) Purchase grant 8. Application Preferences: There is a general preference in the lottery for current New York City residents. Households outside of New York City are free to apply, but their applications will be assigned a low priority and processed only after all NYC resident applicants. There are additional preferences for persons residing in this development s community board, persons with disabilities, and persons who are municipal employees of the City of New York. Please answer the questions on the application carefully to assist in identifying such preferences. Page 2 of 3

4 9. Primary Residence Requirement: Any applicant ultimately approved for this development must maintain the new apartment as their sole primary residence. Therefore any approved applicant will need to surrender any other primary residences or leases prior to signing legal documents for this program. While this is true of all other apartments, maintaining more than one unit which participates in any governmental housing program is a particularly egregious violation of this requirement. If you are presently residing in another governmentally assisted unit, you are free to apply to this building provided that you comply with this requirement and give up your current such unit before signing the legal documents with this building (if you are selected and approved). Violation of this requirement may lead to the loss of the apartments and leases in question as well as referral to the appropriate authorities for potential criminal charges. 0. Submission of False or Incomplete Information: Prospective applicants should be aware that this is a governmentally assisted housing program. The submission of false or knowingly incomplete information (either in this application or in any subsequently provided verification documents) will not only result in an applicant s disqualification, but will be forwarded to the appropriate authorities for further action including the possibility of criminal prosecution. All paperwork and documents submitted by applicants are subject to review by The New York City Department of Investigation, a fully empowered law enforcement agency of The City of New York. Once you have reviewed all of this information, and would still like to apply, please complete and return the enclosed application. Deadline information and return mail instructions are included in the attached notice. # Apts. Available Apartment Size Estimated Sale Price Household Size* Minimum Annual Income Maximum Annual Income** AHC Maximum Assets 3 Studio (540 sf) Bedroom (725 sf) $36,96 $40,5 $48,00 $23,535 2 $48,00 $55,000 $92,738 $92,738 *Subject to occupancy criteria ** Income guidelines subject to change Page 3 of 3

5 Jupiter 2 Affordable Cooperative Apartments APPLICATION of INTEREST and CREDIT AUTHORIZATION. Applications can be typed or printed in ink. Applications must be returned and postmarked no later than August 30, Mail only one () application per household. You will be disqualified if more than one application per family is received. 3. Applications postmarked after August 30, 203 will be set aside for possible future consideration. SUBMISSION OF AN APPLICATION WILL NOT GUARANTEE PURCHASE. No fee should be given to anyone in connection with the preparation or filing of this application. When completed, return this application by regular mail only (no priority, certified, registered, express, oversized or overnight mail will be accepted) to: Jupiter 2 -- Peck Slip Station, POB Caller Number 2233, New York, NY Applicant 2. Co-Applicant Last Name First Name Address apt # City, State, Zip Home Phone Cell Work Employer Position Address of Employer Yrs on Job: Annual Salary$ Overtime income $ Total income $ Last Name First Name Address apt # City, State, Zip Home Phone Cell Work Employer Position Address of Employer Yrs on Job: Annual Salary$ Overtime income $ Total income $ Page of 2

6 3.List ALL Household Members (other than Applicant and Co-Applicant) including age & annual income that will be living with you in the residence:. NAME Age INCOME $ 2. NAME Age INCOME $ 3.NAME Age INCOME $ 4. NAME Age INCOME $ 4. No. of persons in household (including applicant and co-applicant and dependents) 5. Check X only if Applicable: Visually / Hearing Impaired Household member Mobility Impaired Household Member 6. Total amount of money available to cover down payment and closing costs $ 7. Are you or the co-applicant an employee of the City of New York, the NYC Housing Development Corp., The NYC Economic Development Corp., the NYC Housing Authority, or the NYC Health and Hospitals Corp.? Yes No (If Yes please identify the agency / entity at which you are employed): 8. If you answered yes to Question 7, have you personally had any role or involvement in any process, decision, or approval regarding this housing development? Yes No NOTE: If you answered yes to Question 7 above, you may be required to submit a statement from your employer that your application does not create a conflict of interest. If you answered yes to Question 8 above, you will be required to submit a statement from your employer that your application does not create a conflict of interest. Such statements would not be required until later in the application process, after you have been selected through the lottery, when you will also be required to provide other documents to verify your income and eligibility. Credit/Criminal History Check Authorization: I authorize you to obtain a credit/ criminal history report on the Applicant name(s) listed above. (If married fewer than two years or if known by another name or have a designation at the end of such name such as Jr. or II please indicate). A credit check fee will be requested at the time of eligibility interview only. If I meet the Program s eligibility requirements and am selected to purchase shares in the co-op I understand I will need to apply separately for a mortgage loan if I need such funds to purchase. Date: Applicant Signature Co-Applicant Signature Jupiter 2 Cooperative Apartments 2 East st St. NYC, NY 0003 Sponsor: Jupiter Sponsor LLC 50 Myrtle Ave. Suite 2 BK, NY 20 This is not an offering. No offering can be made until an offering plan is filed with the Attorney General through the Department of Law of the State of New York. This advertisement is made pursuant to the Cooperative Policy Statement No. issued by the New York State Attorney General File No. CP and File No. CD Page 2 of 2