Lottery open for affordable Long Island home. Here's what first-time buyers need to know.
A new three-bedroom house in Uniondale is going for less than half of what other homes in the area usually cost. It will be sold via a lottery, which is now open for interested applicants.
The exact price tag of the house will depend on the winner's earnings, but it will be around $285,000.
What is the Uniondale Community Land Trust?
The Uniondale Community Land Trust (U-CLT) is making home ownership more affordable, one house at a time.
"We are bringing you an opportunity to invest in your future," U-CLT board member Paul Gibson said.
The community land trust, funded by grants and donations, keeps ownership of the property but lets first-time buyers earning below the area's median income purchase just the house.
"Having someone here in a home provides stability for them, a chance for them to grow economically. It's a win-win," U-CLT President Anestoria Shalkowski said.
Land trust members are volunteers working to transform vacant lots.
"They were abandoned houses, open lots. It gives us a chance to develop the community and bring affordability," Gibson said.
"Many people my age are leaving Long Island because they can't afford it," U-CLT Treasurer Olena Nicks said, "so it would be nice to see my classmates able to live in a community that they grew up in."
Lottery ends Monday for affordable Uniondale home
U-CLT's first lottery for a $220,000 house had more than 100 applicants.
The second lottery ends Monday. Dozens have signed up so far.
"It's in a good community. The schools are close by," Shalkowski said.
"Where a house would go for $600,000, this will go for significantly less," U-CLT Treasurer Olena Nicks said. "It's going to be 30 percent of what their gross is, of their salary."
The house will be modular – built off-site – to keep costs affordable.
"I see this as contributing to the sustainability, right? The efficiency and speed to market, the cost effectiveness, those are all attributes of modular housing," said Walter Oden, with Oden development.
The winner will be chosen in early March. The house could be move-in ready this summer.
To learn more and find out how to apply for the lottery, visit u-clt.org.
