![HDFC unit at The Grinnell, #6E (Compass)](https://thumbs.cityrealty.com/assets/smart/848x/webp/5/54/54e0f4130d221168cf6e5d8bcf478157cd14da71/100-west-141st-street-16.jpg)
Recently, it has become clear that New York’s housing construction has failed to keep pace with the city’s population growth. This has led to rising prices and fears that there is no place for low- and middle-income buyers in New York.
These buyers should not skulk to the suburbs in despair, but look to Housing Development Fund Corporation (HDFC) units. These apartments also offer jaw-dropping prices, but from the other extreme. The program dates back to the late 1970s, when the city created a program that allowed low-income residents to buy their units for as little as $250. More recently, community development non-profit LISE NYC closed on three West Harlem buildings that it plans to renovate, convert to HDFC co-ops, and sell to existing tenants for $2,500. (Vacant units will be available through the city's affordable lottery system.)
In this article:
It should be noted that to keep HDFC listings affordable, strict income caps are in place that buyers should be prepared to abide by. Moreover, in spite of the low sticker prices, buyers should be prepared to make a hefty down payment. As a result, a Bloomberg article observes that a number of HDFC units are being sold to young people whose incomes fall within the parameters but who have wealthy parents to help with the down payments, which couldn't be farther from what the program intended.
What is an HDFC Co-op?
HDFC units were created several decades ago as a way for tenants in poorly managed buildings to take control of the property and form cooperatives. The city sold these apartments to residents for a mere $250 a piece. Obviously they no longer trade for that price, but they do often sell for far less than what a comparable market rate unit in the same neighborhood would.Learn More About HDFC Co-ops Here→
Recent HDFC co-op listings
![](https://thumbs.cityrealty.com/smart/1024x/webp/c/d2/2649388/49ae4cf87118ac111dbf146e4f6df924-8a57cde3acb27d306e2dad025bd88cdd.jpg)
2440 Amsterdam Avenue, #3B (Douglas Elliman Real Estate)
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Holstein Court, #1D (Compass)
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17 Pennsylvania Avenue, #10 (Keller Williams Realty Empire)
![](https://thumbs.cityrealty.com/smart/1024x/webp/4/c6/2653284/ebc5db8d14d9737599d4250833ac4e0e-84208465e06a95da437ebfeef8f99622.jpg)
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154 East 97th Street, #7 (Nest Seekers LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/0/93/2656560/20f03dcb2ea1590b7958e0a9a1603009-d1a1288eba0d49b89c764b412b5925cd.jpg)
153 West 106th Street, #5A (Brown Harris Stevens Residential Sales LLC)
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Garden Court, #2G (Brown Harris Stevens Residential Sales LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/9/6c/2655945/111b5a2a3e6e7d707f69d1a21a018a47-eb6ffd753bc8c7b9d9d35fc5b53ce6f2.jpg)
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The Renaissance, #530 (Corcoran Group)
![](https://thumbs.cityrealty.com/smart/1024x/webp/6/98/2652550/6ae9da352fcde390fac4f58398f89f79-c9a5de377c72c4f262fa760eed1dfbec.jpg)
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![](https://thumbs.cityrealty.com/smart/1024x/webp/1/39/2651025/3d91e921cd9c0b071de4085dfa8900e2-a7bcbc3154e40b8b5da58de478b5dabe.jpg)
444 West 54th Street, #20 (Douglas Elliman Real Estate)
![](https://thumbs.cityrealty.com/smart/1024x/webp/1/39/2651025/be04bdfdbaa6e06b730f5b466105a742-8f214ca788c12a51456664e3231cffd7.jpg)
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58 West 105th Street, #5A (Compass)
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609 Columbus Avenue, #16F (Corcoran Group)
![](https://thumbs.cityrealty.com/smart/1024x/webp/4/db/2653620/a611cae9b937e6cf247a3f48df708c17-b6fc51002cc092c716892cab626856e6.jpg)
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231 Maujer Street, #4L (The Agency Brokerage)
![](https://thumbs.cityrealty.com/smart/1024x/webp/8/4f/2647288/e825f9fba80d59692c76924409195b36-0357a87e185e803014ca911f39014a18.jpg)
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2041 Fifth Avenue, #5F (Compass)
![](https://thumbs.cityrealty.com/smart/1024x/webp/d/88/2656397/1dbabff2f94718d35f5259f6a3328a84-1aa4e106d00457e4606ab17a3578a47e.jpg)
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The Parkside, #21 (Sothebys International Realty)
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407 Keap Street, #25 (Native Real Estate LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/a/b7/2644858/b62bef4b0ea5885068f81031de5c377f-9753f510b81039aaebb1b1785b871534.jpg)
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638 Warren Street, #1L (Christies International Real Estate Group LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/6/fc/2645958/27aa663a63e8f136cca9c0f1697d5777-5e09dcf264cd49e7ac18bfde295379b9.jpg)
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Madison Park, #6A (Brown Harris Stevens Residential Sales LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/1/81/2648081/5a6b9d1eb49b1d78ed85baaf3eacec44-4f3d9df82de170fa44c95b8db6205f7c.jpg)
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229 East 14th Street, #3E (Corcoran Group)
![](https://thumbs.cityrealty.com/smart/1024x/webp/5/b0/2652933/c6b4ff563d8858df461d3ae8ab384aa8-5dc4e6ef12254458c52f6253f541efc5.jpg)
![](https://thumbs.cityrealty.com/smart/1024x/webp/2/b2/2652962/e1390ea18428a6712575335b0494837e-670e7f6025e26002a4d90eed5ac5b1e5.jpg)
2041 Fifth Avenue, #2F (Compass)
![](https://thumbs.cityrealty.com/smart/1024x/webp/2/b2/2652962/0c38c78f5b448fc0c4c6d7ccee4c2f31-c002d7a69b29629fcd1693f1f16a2d75.jpg)
![](https://thumbs.cityrealty.com/smart/1024x/webp/5/0e/2650341/9141630beadf5fa7200059043e91e0b5-4d924b763a2157c4b1daa912d460208f.jpg)
870 Riverside Drive, #2A (Elegran LLC)
![](https://thumbs.cityrealty.com/smart/1024x/webp/5/0e/2650341/0ad60e68e35363b39584b11041278638-5cddb656d818a2aa68263829f3aba47b.jpg)
![](https://thumbs.cityrealty.com/smart/1024x/webp/6/c0/2644998/d7200f9330b7a877f6577277a66f8ac6-2c02f6ae300561750346718f5395f2ef.jpg)
The Grinnell, #6E (Compass)
![](https://thumbs.cityrealty.com/smart/1024x/webp/6/c0/2644998/69a6e767e5a32d0c2615df451e84ce1e-fff0a31867de11155d08a81bdadce841.jpg)
![](https://thumbs.cityrealty.com/smart/1024x/webp/6/c0/2644998/904a5ca5d3db97128943c64dcb9b17e7-2f0126a939d1ace03e499045112976d9.jpg)
![](https://thumbs.cityrealty.com/smart/1024x/webp/c/35/2605916/ae3a9c0ca781551a8f69f67509334d64-8911df7e637daf1efe0699d2824a39d0.jpg)
The Lenox Court, #16 (Corcoran Group)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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