I know little about affordable housing.

Here’s an idea that seems to have merit.

It’s a co-operative complex in The Bronx (in New York City) called Co-op City, which has 15,372 units across 35 high-rises and 7 town-house clusters.

(The prices are ridiculously low, which has led to problems with on-going maintenance, etc., which you can learn about, by clicking through on links in the comments section.)

Homey, if You Don’t Mind a Building Boom (page two) – By David Sharfenberg, The New York Times

Prices range from $10,500, for a three-room one-bedroom, to $22,750, for a six-and-a-half-room three-bedroom. Whatever the resident’s initial investment, the co-op repays that amount when the resident leaves.

Carrying charges “which cover gas, electricity, heat, air-conditioning, security and maintenance” range from $522 to $1,131 a month, depending on the size of the apartment, said Steven Gold, director of residential sales and marketing for the RiverBay Corporation.

Applicants must undergo credit and criminal background checks and a home visit, and meet income restrictions. To get a five-room, two-bedroom apartment, for instance, a family of four must earn at least $38,280, at most $95,088.

The waiting list for two-bedroom apartments is six to nine months, so apparently people like the idea.

What do you think?

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