First Time Buyer $8000 Tax Credit Can Go Toward Downpayment

FHA issues guidelines allowing consumers to use $8,000 tax credit toward downpayment

U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced that the FHA would permit the federal $8,000 first-time homebuyer tax credit to be used toward a purchaser’s downpayment.

This week, the FHA finalized the rules that allow state housing finance agencies and some non-profits to monetize the credit, officially making the credit available to be used toward a downpayment.

According to HUD, the new rules allow FHA-approved lenders to “monetize” the tax credit for use as part of a downpayment or for closing costs, which can help achieve a lower interest rate. Borrowers can immediately apply the funds toward their down payments in excess of the required 3.5 percent.

Previously, borrowers applying for an FHA-insured mortgage were required to make the minimum downpayment and lenders could not monetize the tax credit for use as an additional downpayment.

To read the entire HUD press release and Mortgagee Letter 2009-15, click here.

Neighborhood Report: Hamilton Heights

Hamilton Grange

Hamilton Heights is located between 145th and 155th Street. Hamilton Heights in Upper Manhattan was the home of Alexander Hamilton from 1802 - 1804. 
Alexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, and political philosopher. 


His Manhattan home Hamilton Grange has recently been moved from Convent Avenue to St. Nicholas Park.

Today Hamilton Heights is mostly a housing fusion of palatial 19th century brownstones, spacious pre-wars and tenement walk-ups.

Developers have converted brownstone, shells of buildings and narrow vacant lots into condominium apartments. For Manhattan home buyers, Hamilton Heights provides an opportunity to live in a neighborhood with small-scale buildings. 

Zoning does not allow for very large buildings. These apartments, typically floor-throughs and duplexes come with town house amenities, like terraces, gardens, fireplaces, and uncommonly good light for Manhattan.

A diversified mix of Buyers are coming to Hamilton Heights for the neighborhood’s history, the houses, brownstones and new condos that cost much less than they would a mile to the south.


Currently there are approximately 110 active apartment listings in Hamilton Heights. Prices range from a $125,000 for an HDFC (income cap retrictions) 2 bedroom coop to a $2,125,000 8 room four bedroom 3 bath, 2250 square foot pre-war coop.

There are currently about 45 active building listings in Hamilton Heights. Prices range from $695,000 for a 5 floor building to $3.2 million for a multi-family building.

IF you would like to receive apartment and townhouse listings in Hamilton Heights click here.
Click here to find out how much your home is worth in today's market?

Related nyc Blog estate posts:

Harlem Neighborhood Report

Washington Heights 

 

Construction Update: The Harrison, Upper West Side

The other day I attended a cocktail reception in the lobby of The Harrison, a new luxury condominium, at 205 West 76th Street on the Upper West Side of Manhattan.

The Harrison's elegant lobby features a series of Romanesque arches and columns, English oak millwork and a grand stone fireplace.

The two twin tower complex will have 132 apartments, studios, 1,2, 3 and 4 bedroom penthouses. The two buildings are joined by a four-story public area.

The larger building fronts Amsterdam Avenue,
the smaller building looks over 76th Street, facing south.

Amenities include: An Equinox Gym in the building and membership is included in the common charges. Entertainment Lounge, Landscaped Outdoor Garden, Dinosaur Themed children's play area. Rooftop Sun Terrace, Related Signature Services, 24-hour attended Garage.

The Harrison has applied for (LEED Silver certification) Leadership in Energy and Environmental Design, the country's most popular green benchmark.

Certification of silver, gold or platinum can happen up to a year after the building is completed. Green buildings are required to be 14 per cent more efficient than regular building codes dictate.

Current available apartments range from:

• 532 square foot studio for $765,000.
• A 1 bedroom/ 1 bath 706 square foot unit asking $1,190.
• A junior 4 /2 bath apartment asking $1,650,000.
  
• Three 2 bedroom/2 bath homes ranging from $1,775,000 to $2,100,000.
• Three and four bedroom units including two penthouse apartments with terraces range from $3,150,000 to $6,000,000.

To receive available listings at The Harrison or any other new development in Manhattan click here.

related posts:
green-condo-buildings-in-manhattan
new-construction-update-upper-west-side

Open House - 401 East 86th St. #3H

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Property Tax Abatement for Going Green

To support recent New York State laws providing property tax abatements for the installation of green roofs and solar electric-generating systems, the Buildings Department has implemented new rules for tax abatement applications. The Department has created a fact sheet which reviews the process for completing abatement applications and compiled frequently asked questions to assist applicants.

related posts:
Green Real Estate Glossary
Tips for Greening Your Apartment in 2009
Green Condo Buildings in Manhattan
Nation's First Multi-Story Green Industrial Facility Opens In NYC
Empire State Building Going Green
Broadway Goes Green
Green NYC

Tips to Help Pass a Coop Board Interview

I've recently been asked by a few buyers about the coop board interview. Below is a re-post that I wrote a while back that gives tips to help you pass a coop interview. I've also include a link below to a post about NYC closing costs for condos and coops.  

Here are some tips to help pass a coop board interview:

• Being called for an interview is a good sign it means you look good on paper.
• Be on time, dress appropriate for the building and neighborhood. Conservative is best.
• Bring a copy of the board package with you. Be familiar with all your financials and everything in the board package.
• Coop boards are stricter than banks, don't assume because you have a commitment from a bank you will satisfy the coops financial requirements.
• Be able to substantiate questions about your package.
• More is less do not elaborate and ask questions, an innocent question might offend a board member.
• It is better to have a short interview than a long one.
• Do not go into details about elaborate and costly renovations.
• If the apartment has outdoor space do not discuss barbequing, it is illegal and smells.
• Do not ask questions or bring up sublet policy or pet policy uless the board brings it up.
• It is not a job interview, you don't have to try and sell yourself.
• Let the board ask the questions, set the tone and conduct the interview.
• Boards like candidates willing to volunteer to serve on the board or building committees.
• Boards look for candidates that will "fit in" and follow rules.
• Don't ask or expect a decision on the spot they will notify you within a few days.
• Be prepared for a lack of privacy and to answer personal questions unless they are Fair Housing /NYC Human Rights violations.
• The NYC Human Rights Law prohibits housing discrimination in New York City based on a person's real or perceived race, color, national origin, gender, creed, disability, sexual orientation, marital status, partnership status, alienage or citizenship status, age, lawful occupation or because children may be or will be residing with you.

Closing Costs for NYC Condos and Coops

Delinquent Property Tax Deadline is Today

New York City property owners who owe property taxes or water bills have until the end of the day to resolve their debt. If not, the city will sell liens on their properties to a third party.
This affects homeowners with property tax debt of at least $1,000 that is three years old, or $1,000 in water charges dating back at least a year.
This affects homeowners with property tax debt of at least $1,000 that is three years old, or $1,000 in water charges dating back at least a year.
A list of delinquent properties is available on the Department of Finance's website, nyc.gov/dof.
what-should-you-do-if-lien-is-sold-on-your-property