Housing Lottery Explained
A lot of you have seen these apartments come up whether you see somebody share something on Facebook or you see something posted on Curbed about new buildings with extremely cheap apartments.
The way it works is the developer is required to set aside a certain percentage of the building for low to mid income participants. This is because they ultimately get a tax break.
What happens is they put out requirements such as income requirements based on household size that you have to fit in. They also do credit checks, background checks and so on.
The other thing to keep in mind is they get tens of thousands of applications. In a recent building, and I can’t say where, they got over 97,000 applications for 22 apartments. It is a very hard chance to get it.