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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE
June 3, 2004

Press contact: Carol Abrams (212) 863-5176
To request an application for a home in Arverne
by the Sea, visit www.arvernebythesea.com

APPLICATIONS AVAILABLE FOR 1,100 CONDOMINIUMS IN ARVERNE BY THE SEA, QUEENS

The New York City Department of Housing Preservation and Development (HPD) announces that applications are now available for 1,100 condominiums in Arverne by the Sea in the Rockaways, Queens. When completed, Arverne by the Sea will include 2,300 residential units in a mix of condominiums, one- and two-family homes and mid-rise rental-apartment buildings, over 250,000 square feet of retail space, a YMCA, school, transportation center, and ten acres of parkland.

The 1,100 condominiums are located between Beach 62nd Street and Beach 81st Street, north of Shore Front Parkway and south of Rockaway Freeway. Up to 240 condominiums will be income and price-restricted, with prices starting at $175,000. Eligible buyers must have the financial ability to purchase a unit. For example, on price-restricted units, a purchaser with an income of $46,000 would be required to provide a minimum down payment of 5% of the purchase price. An eligible buyer must also be able to qualify for mortgage financing and meet additional selection criteria. Owners must occupy the units as their primary residence.

For an application, please send a self-addressed envelope to Arverne by the Sea, 101 B73rd Street, Arverne, NY 11692 or visit www.arvernebythesea.com to download an application. Completed applications must be returned by regular mail only to the P.O. Box indicated on the application. All applications received after July 15, 2004 may be set aside for future consideration. Applicants will be randomly selected by lottery with eligible applicants residing in Queens Community Board 14 receiving a preference for 50% of the units. Only one application per household may be submitted. There are no broker fees or applications fees.

Two informational seminars will be held at The Beach Club, 129 Beach 116th Street, Rockaway, NY 11693 on Tuesday, June 29, 2004 at 7:00 p.m. and Wednesday, July 7, 2004 at 7:00 p.m.

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 212,000 units of affordable housing. The Bloomberg administration's $3 billion housing plan will finance the creation or preservation of more than 65,000 homes and apartments in New York City neighborhoods over the next five years. For more information about affordable housing, call the City's Citizen Service Center at 311 or log on to www.nyc.gov/hpd

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