*Tanese Orr and her husband, Robert Lashley, had lived in New York City’s public housing for over two decades when they entered the city’s housing lottery.
Since 2015, the Small Homes Rehab-NYCHA Program has helped low- and moderate-income families purchase, renovate, and own homes previously foreclosed by the FHA, CNBC reports. In November 2022, three years after signing up, Orr submitted documents for an active lottery for houses being restored by the city. Within two months, the couple toured two homes in Brooklyn’s Clinton Hill neighborhood, where the average house value is $971,984, according to Zillow.
“I applied for the homeownership aspect because I was already renting and didn’t want to leave an apartment for another apartment,” Orr told CNBC Make It.
Initially, Orr was most interested in a three-family house but was outbid. Tanese and Robert ultimately decided on a gut-renovated two-family house, which featured a one-bedroom, one-bathroom apartment on the second floor and a three-bedroom, one-and-a-half-bathroom unit on the first floor, plus a backyard and finished basement.
Orr and her husband secured a $691,000 mortgage with a $36,369 down payment and $23,395 in closing costs. The house, valued at $1.1 million, was supplemented by a second mortgage from the Department of Housing Preservation and a $15,000 down payment assistance loan. They also secured a low-interest (6.6%) 30-year mortgage through the State of New York Mortgage Agency for homebuyers. However, their monthly payments increased from $4,968 to $5,275. Closing on the property took over six months.
Scroll to continue reading
“People think that we just won the lottery and we got it for free but that’s not true,” Orr said. “We still had to have a good amount saved.”
She added, “The best part is saying that it’s ours and saying we did this and we were responsible enough to save and work hard for this and it’s ours. It’s a peace of mind.”
Orr said, “I love Brooklyn, I love the neighborhood and I love that house.”
Her advice for anyone considering the NYC housing lottery program is to have good credit.
“Even if you have the money, if your credit is not right, you’re going to miss out on a great opportunity,” said Orr.
READ MORE FROM EURWEB.COM: Homeless Family of 18 Get Help with Housing in Los Angeles | Video
