Anyone buy anything that is considered 'next gen' housing? I am concerned about resale.
i havent reallly looked into it - but what I have seen is that the developments are in iffy areas or the income limits are really low.
That's what I have been afraid of...
Actually it really depends. I am real estate attorney and we are representing a builder who is doing this. Theres is in plainview right by the LIE and they are townhouses and really nice. For these the income restriction is based on the average income for the town of oyster bay so it is $79,000 for one person and in the 90s for two people. The resale on them is usually you have to wait 3 years and you can only sell them for a certain amount. The best thing to do if you are looking into it is to call the long island affordable housing division and they will begin to send you information on them available units. There are ones in Huntington, Patchogue, Bayshore and there are otheres on the island. They really are nice units. Most of them are 1400 sqaure feet with garages. It would be something that I would recommend to anyone that is looking for housing to see what they have to offer it may be something that is for you.
Posted by csorisi
Actually it really depends. I am real estate attorney and we are representing a builder who is doing this. Theres is in plainview right by the LIE and they are townhouses and really nice. For these the income restriction is based on the average income for the town of oyster bay so it is $79,000 for one person and in the 90s for two people. The resale on them is usually you have to wait 3 years and you can only sell them for a certain amount. The best thing to do if you are looking into it is to call the long island affordable housing division and they will begin to send you information on them available units. There are ones in Huntington, Patchogue, Bayshore and there are otheres on the island. They really are nice units. Most of them are 1400 sqaure feet with garages. It would be something that I would recommend to anyone that is looking for housing to see what they have to offer it may be something that is for you.
Posted by MayBride06
income guidelines for these housing units are ridiculous. I mean come on...even with a combined salary of way more than $100,000, a house that cost $450,000 is still not really affordable! Well..unless eating grass to survive is an option of course.![]()
we make that much too, but when you have more than $150K in loans, even a cheap LI house it too much, if you want to eat
Posted by MayBride06
income guidelines for these housing units are ridiculous. I mean come on...even with a combined salary of way more than $100,000, a house that cost $450,000 is still not really affordable! Well..unless eating grass to survive is an option of course.![]()
