Hamilton Heights Affordable Co-op Lottery Opens, Offering Housing Opportunities
A lottery has opened for 24 affordable co-op apartments in Hamilton Heights, New York City. The units, located at 644 Riverside Drive, range from one-bedroom to five-bedroom apartments, with prices starting at $100,794. The building was acquired by the city in 2003 and sold to a nonprofit group for rehabilitation under the Third Party Transfer (TPT) program. The program allows the city to foreclose on distressed properties and transfer them to third parties for rehabilitation. The lottery is open to New Yorkers earning 120% of the area median income, with specific eligibility requirements including being a first-time homeowner and planning to live in the residence full-time. The initiative is part of efforts to address affordable housing shortages in Manhattan. 
