The affordable housing lottery has launched for Capstone Condominiums, a nine-story mixed-use residential building at 940 Myrtle Avenue in Bedford-Stuyvesant, Brooklyn. Designed by Fischer + Makooi Architect, the structure has 24 newly built condo units available on NYC Housing Connect. Eligibility is open to first-time buyers at 60 to 80 percent of the area median income (AMI), ranging in income from $37,500 to $103,120.
Residences will have dishwasher in unit, name-brand countertops and finishes, and hardwood floors. Amenities include storage, an elevator, bike storage lockers, and a shared laundry room.
At 60 percent of the AMI, there are five studios ranging in price from $203,682 to $206,599 for incomes ranging from $37,500 to $57,300; five one-bedrooms ranging in price from $203,234 to $204,229 for incomes ranging from $37,500 to $64,440; and 11 two-bedrooms ranging in price from $230,924 to $234,597 for incomes ranging from $37,500 to $77,340.
At 80 percent of the AMI, there are two one-bedrooms ranging in price from $294,232 to $306,630 for incomes ranging from $37,500 to $85,920 and one two-bedroom priced at $355,811 for incomes ranging from $37,500 to $103,120.
Prospective buyers must meet income and household size requirements to apply for these apartments. Eligible buyers may have five percent of the purchase price available for a down payment, however larger down payments may allow for lower minimum incomes. Applications must be postmarked or submitted online no later than January 21, 2021.