New Lottery Open For Affordable Apartments At '500 Main Street'

NEW ROCHELLE, NY — Yet another new chance for renters to combat the ongoing affordable housing crisis is here for a lucky few.

Westchester Residential Opportunities announced that 500 Main Street Apartments, a newly constructed, 26-story building located at 500 Main St. in New Rochelle, will have 119 affordable units set aside, for occupancy in January 2025.

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Amenities at the pet-friendly tower include a state-of-the-art fitness center, resident lounges and terraces, coworking space, a rooftop swimming pool and a dog run.

Affordable units will be available to those earning less than 60 percent of the area average monthly household income.

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Monthly rental prices for the affordable units available, based on Area Median Income (AMI) are:

Studio: $1,553

• 28 units available for 60 percent AMI
  • for household size of one, income limits are $46,590-$65,600

One-bedroom: $1,366 - $1,659

• 8 units available for 50 percent AMI
  • for household size of one, income limits are $40,990-$54,700
  • for household size of two, income limits are $40,990-$62,500
  • for household size of three, income limits are $40,990-$70,300
• 46 units available for 60 percent AMI
  • for household size of one, income limits are $49,780-$65,600
  • for household size of two, income limits are $49,780-$74,950
  • for household size of three, income limits are $49,780-$85,350

Two-bedroom: $1,626 - $1,978

• 12 units available for 50 percent AMI
  • for household size of two, income limits are $48,790-$62,500
  • for household size of three, income limits are $48,790-$70,300
  • for household size of four, income limits are $48,790-$78,100
  • for household size of five, income limits are $48,790-$84,350
• 25 units available for 60 percent AMI
  • for household size of two, income limits are $59,330-$74,950
  • for household size of three, income limits are $59,330-$84,350
  • for household size of four, income limits are $59,330-$93,700
  • for household size of five, income limits are $59,330-$101,200

Rent includes AC, heat and hot water. Tenants are responsible for electric, including cooking.

18 units will be set aside for mobility disability, while 8 units will be set aside for hearing/vision disability.

The deadline for applications is October 21, 2024, at 4 p.m. Selections will be made by lottery on November 5, 2024, at 11 a.m. Sending more than one application will disqualify you. Applications received after the deadline will be waitlisted.

The online application can be found here.