Nov. 8, 2018 By Nathaly Pesantez
A new “affordable” housing lottery has opened for a Long Island City development, where 10 units are available starting at more than $2,000 in monthly rent.
The units are being offered at 40-05 Crescent St., an upcoming five-story building known as the “Crescent Iron House,” and housing 32 apartments.
Most of the units up for grabs are one-bedrooms, with a small portion going to studios and two-bedrooms.
Two studios are available at $2,125 a month, and require an income between $72,858 and $95,030 for a single person. The income range goes up to $108,550 for a household size of two.
The six one-bedroom units are priced at $2,277 a month, and are available for household sizes of up to three people. The minimum income to qualify begins at $78,069 and goes up to $122,070.
The remaining two-bedroom units go for $2,741 for household sizes between two and five people. An annual household income starting at $93,978 is required to qualify.
The upcoming building includes 48 underground parking spaces, a bike room, gym, rec room and laundry room.
The applications are open to all, with a general preference for those who live in New York City and no special preference for local residents within the community board confines.
Some preference, however, is given to mobility-disabled applicants and those with vision or hearing disabilities.
Applications must be postmarked or submitted online no later than Dec. 3, 2018.
The developer is expected to receive a tax exemption as part of the city’s 421-a program, where the city gives a tax break to builders in exchange for providing some below market-rate rental units in the development.
Construction on the site should be wrapping up by year’s end, according to City Realty.