A waiting list for affordable apartments in the Seaport neighborhood opened today, but may not remain available for long: the State’s Homes and Community Renewal (HCR) agency says that only the first 500 applications will be considered.
The apartments are part of Historic Front Street, an 2005 restoration of 11 landmarked buildings — alongside the construction of three new (and rigorously contextual) structures on Front Street — comprising nearly the entire block between Beekman Street and Peck Slip. The development contains 95 residential rental units (of which five are set aside as affordable) and 15 street-level retail stores. The last time HCR opened this waiting list for applications open was 2012.
Eligibility is restricted to applicants earning 150 percent of the area’s median income. This translates to $75,600 to $90,750 for those seeking a studio apartment (for which the monthly rent is $2268.00), $81,000 to $90,750 for a single person seeking a one-bedroom unit or $81,000 to $103,650 for somebody seeking a one-bedroom that would be shared with one other person. (In either case, the rent for a one-bedroom unit is $2430.00. For a two-bedroom unit, the income criteria is $97,100 to $103,650 for an applicant from a two-person household; $97,100 to $116,550 for an applicant from a three-person household; or $97,100 to $129,450 for an applicant from a three-person household. Although substantial, these rents represent less than half the market-rate for similar apartments within the same development, or in buildings located nearby.
To request an application, send a self-addressed stamped envelope to: Historic Front Street Development, 601 West 57th Street, Management Office; Seventh floor, New York, NY 10019. Once you have received and filled out an application, it must be returned by regular mail only. (No priority, certified, registered, express, or overnight mail will be accepted). Applicants who are approved for an apartment will not be charged a broker’s fee or an application fee. Questions can be directed HCR by calling 1-866-ASK-DHCR.