More than 400-people attended an affordable housing meeting in Sunnyside last night to see whether they would be eligible for a piece of the Hunters Point South dream.
The goal for most was to find out how whether they qualified for one of the 925 affordable units on offer—which comes with building amenities such as a fitness center, outdoor terrace, internet café and meeting rooms.
The complex, which contains two buildings, will be comprised of studios, 1 brms, 2 brms and 3 bedroom units.
The application period is expected to begin October 15 and there will be 186 apartments available to those applicants who fall under the “low income” bracket. To qualify as low income, an applicant seeking a studio cannot make more than $30,000—while a family seeking a 3 bedroom unit must earn less than $50,000 per year.
For those who qualify for the “low income” bracket, the rents would range in price from $494 per month for a studio to as high as $959 for a three bedroom.
However, many attendees wanted to find out about the 738 “moderate income” apartments on offer. The maximum income permitted to be eligible for a studio was a little over $130,000, while the maximum household income for a 3 bedroom unit is about $225,000.
The rents for “moderate income” earners will range from $1,561-$1997 for a studio, $1,965-2,509 for a one bedroom, $2,366-$3,300 for a 2 bedroom and $2,729-$4,346 for a three bedroom.
“This is the best apartment deal in New York City,” said Frank Monterisis, the senior vice president of Related Companies. He said the waterfront complex comes with all the modern fixtures and amenities.
However, some residents said after the meeting that they thought the “moderate income” apartments were too expensive and complained that they made too much money to qualify for the “low income” units.
One man said during the meeting that he was paying less rent now than what the affordable [moderate income] units will be.
However, while some people grumbled, the rents are still significantly less than what is available on the open market. In a recent report released by Modern Spaces, the average studio apartment in a luxury Long Island City building is currently renting for more than $2,500, while one bedrooms are going for about $3,200.
The Hunters Point South apartments, unlike the other luxury Hunters Point buildings, will be “permanently” affordable. Therefore, the rent renewals are determined by a New York City formula– based on the Rent Guidelines Board.
Furthermore, once a lease is signed, tenants are not subject to any income restrictions from that point on.
However, the key is getting an apartment in the first place—and tens of thousands of people are expected to apply.
Attendees were told that they will have 60 days to get their application in after the application period begins. Monterisi said that there will be a vigorous marketing campaign once the 60-day period opens. Residents can also register at HuntersPointSouthLiving.com to be notified of the date.
Community Board 2 residents—who currently live in Sunnyside, Woodside and Long Island City—will be given priority over outside applicants on 50% of the units.
The application can be submitted online at New York Housing Connect (nyc.gov/housingconnect). Applicants will be required to create a personal profile that provides details as to their income, assets and the number of people who are likely to live in a given unit.
There is no actual limit on assets when applying for a “moderate” apartment. The main focus is on the applicant’s earnings and whether those assets will affect that figure.
Successful applicants will be notified during the first quarter of 2015, with the goal for it to be fully leased by spring 2015.
Two more affordable housing meetings have been scheduled, with on Oct. 1 at 7 p.m. at the Big Six Towers in Woodside, and the other on Oct. 6 at 7 p.m. at the Academy for Careers in Film & TV.