Housing Lotto Opens For Home Ownership

BED-STUY, BROOKLYN — Ever wanted to own a home? The City can help you. But only if you're one of the luckiest families in Bed-Stuy.

A new housing lottery has opened, offering first-time homeowners a big help in getting that first home. The program, called the Small Home Rehab, buys distressed homes through NYCHA and the city's office of Housing and Preservation Department, gives them a full renovation, and sells them at various levels of affordability.

According to the program's website, some of the properties come into city hands through the sometimes controversial Third Party Transfer system, where a city possesses a distressed home that owes considerable sums to city coffers.

There are 18 homes across the city in this lottery, but only one — 580 Lafayette Ave. — is in Bed-Stuy.

To move into the renovated three bedroom single family home, the city has a number of requirements. The family income total must be between $136,027 - $198,600 and there is a 5% minimum down payment on the expected sale price of $792,565. That comes out to about $40,000.

There are no application fees and preference is given to those who reside in Community Board 3. The lottery runs until Nov. 23.