375 West 207th Street in Inwood, Manhattan.
Jorge Madruga Lead Development by Maddd Equities and Partners.
Rendering courtesy of the NYC Department of Housing Preservation and Development
The affordable housing lottery has launched for North Cove, a 30-story residential building at 375 West 207th Street in Inwood, Manhattan.
According to Delphic Associates, An affordable Housing Lottery is to give low-moderate income households, the opportunity of Home Ownership. This is a ‘First-Time’ home buyer program, through Mass Housing, in which Potential Buyers (Applicants) submit their application along with supporting documents to be reviewed and approved for the program. Once the application is reviewed and the applicant is deemed eligible for the Affordable Program, he/she will be submitted into a drawing for the next available affordable homes/condos.
Maddd Equities is a real estate development firm that has won several affordable housing lotteries in New York City. Maddd Equities specializes in affordable housing for low and middle-income New Yorkers
Back in 2018, as reported by The Real Deal, Maddd Equities is developing two sites across from each other at 1159 and 1184 River Avenue. The former will have 250 affordable and supportive housing units, and the latter will be a set of 17-story buildings with 500 apartments, most of which will be reserved for low-income households.
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More examples of Maddd Equities’ affordable housing developments
- River Crest Apartments
A 17-story building in the South Bronx with 225 mixed-income units. The apartments range from studios to three-bedrooms and are available to New Yorkers earning 30–80% of the area median income.
- Inwood Housing Lottery
A 30-story building in Inwood, Manhattan with 484 rent-stabilized apartments. The apartments are available to New Yorkers earning 30–100% of the area median income.
1159 (lower left) and 1184 River Avenue outlined in red