Home Ownership
Restoration is committed to creating home ownership opportunities affordable to a range of household incomes. Restoration is currently driving a number of developments which will create affordable condominiums and commercial space throughout the community.
Additionally, Restoration is a leading participant in the Neighborhood Homes Program, a funding partnership designed to promote homeownership and long-term residency in resurging communities like Bedford Stuyvesant. The City of New York and the US Department of Housing and Urban Development subsidize construction costs in order to maintain affordability to potential buyers.
Restoration's Neighborhood Homes Program consists of 11 two- and three-family townhomes for sale to families earning between 80% and 165% of area median income. To date, the renovation of ten properties (30 units) and seven homes (21 units) have been sold.
We congratulate our first families who successfully purchased homes through this program.
To hear their stories, please click here (Housing Stories)
Affordable Homes for Sale
491 BAINBRIDGE STREET
THREE-UNIT CONDOMINIUM The building is located on the Northwest corner of Bainbridge Street & Saratoga Avenue, and is a three-story completely renovated brick structure ready for occupancy.
First Floor (3 Bedrooms) $375,000
Approximately 1,400 square feet of living space plus a parking space for one car in an attached garage. Estimated Monthly Maintenance is $600.00. The sale of this apartment is available for households with incomes up to $126,720 per annum.
Second Floor (2 Bedrooms) $325,000
Approximately 1,100 square feet of living space plus a parking space for one car in an attached garage plus a 112 square feet wood deck on the roof of the garage. Estimated Monthly Maintenance is $490.00. The sale of this apartment is available for households with incomes up to $126,720 per annum.
Third Floor (2 Bedrooms) $295,000
Approximately 1,100 square feet of living space. Estimated Monthly Maintenance is $460.00. The sale of this apartment is available for households with incomes up to $126,720 per annum.
937 GATES AVENUE (Has been sold)
This “new construction” three-family brick home is located at 937 Gates Avenue between Malcolm X Boulevard and Patchen Avenue and is ready for occupancy. More specifically, the building is a three-story plus “finished” cellar structure which is available for sale to households with incomes up to $126,720 per annum.
Required Documents From All Interested Purchasers:
1. Copies of the 2007 and 2008 Federal Tax Returns (1040 forms) with W-2’s of the applicant(s).
2. Two recent pay stubs of the applicant(s).
3. Self employed applicant(s) must submit appropriate statements (1099’s, etc) indicating annual income.
4. Applicant(s) must submit bank statements, etc., verifying the source of the required “down payment” and “closing cost”.
5. The name, address, home and work phone numbers, employer’s name and address and years on the job, and the social security number must all be forwarded by the applicant(s).
All information submitted will be kept confidential, and, please forward all documents as quickly as possible for decisions will be made with respect to processing interested purchasers on a “first received first served basis.”
As stated above, the three-unit condominium building is completed and ready for occupancy, allowing for appointments to visit the building to be made at a mutually convenient time. At the same time the three family brick structure is still under construction but should be completed during April of this year, however architectural drawings can be made available to review the layouts of the building. All inquiries and/or “required documents from all interested purchasers” concerning these two buildings should be
directed, via postal mail, phone, or e-mail, to the owner’s representative as indicated below:
James E. Robinson, President, The Cumberland Group
185 Hall Street, Suite 303, 718.399.8005 – voice, 718.622.0541 – fax, tcgcon@aol.com – e-mail
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