• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

how does govt assisted housing work?

Status
Not open for further replies.
Gibson486

Gibson486

Lifer
As some may recall, I made a post last week about a 1.1 million dollar condo for 230K. Well...if you get this place, you are restricted to selling it for fixed price of +5% of your purchase price each recurring year for 50 years (previous owner got unit in a lottery for 170K). Well, the property has got numerous offers and now they are in the "bidding stages". How does that work? If it was a fixed price, how can they bid? Does everything over the max price simply go to the city? If so, doesn't this beat the whole point of govt assisted housing? I mean, the HOA fee is a monster $600 a month. Because of that, i could not secure a preapproval....how is a "low income person" supposed to "bid"?
 
Originally posted by: Colt45
$600/mo for the HOA? That's fucking insane.
Click to expand...

yeah....factor in the HOA fee and my gf and I would be paying over 2k a month. F that. Th eplace was insanely nice though....my gf and I just do not understand how anyone with those income requirements (2 people can't make past 84K combined) can pay that. We had to put down a third person (3 people...under 99K), which was her younger brother so we could make the requirements. Then they gave us the shocker when the bank kept askign us questions. We were like, why can't we get a 230K loan? Because they factored in the $600 hoa fee. Last I heard, there was a bid war going on....What? I thought the price was fixed...I am so confused by this.
 
Status
Not open for further replies.

TRENDING THREADS

Back
Top