Toren Condominium Program - HPD

Housing Preservation & Development


Toren Condominium Program


Toren Condominium Program

If you are the owner of an affordable unit at the Toren Condominium in Brooklyn, then you must obtain approval from HPD for the sale of your home. It is HPD's policy to permit a homeonwer to rent their apartment for a maximum of two years in any five-year period.

The Toren Condominium Declaration and the NYC deed for the land on which the Toren Condominium stands require that an affordable Toren unit may be sold only to an "Eligible Grantee." For calendar year 2019, an "Eligible Grantee" is an individual (or individuals) whose household income does not exceed $208,065 (195% of the Area Median Income for a family of four).

You are not permitted to sell or otherwise transfer ownership of your affordable Toren unit without first receiving confirmation from HPD that your prospective purchaser is an "Eligible Grantee."

Required Documents

To obtain HPD approval of your proposed purchaser or tenant, you must submit the following (failure to submit all required materials may delay or prevent the processing of your request):

A completed Homeowner Request for Approval of Prospective Purchaser providing requested information; or

A completed Homeowner Request for Apporval of Prospective Tenant providing request information.

Required from Current Owner/Seller

A signed and notarized Affidavit of Primary Residence confirming that you occupy your Toren apartment as your primary residence.

Proof of primary residence, including a copy of at least one document from each of the lists below:

A clear, legible copy of at least one (1) of the following:

Valid NYS Photo Driver's License;

Valid NYS Photo Non-Driver ID Card;

W-2 Form for most recent tax year;

A Transcript of US Tax Return for the most recent tax year (may be obtained through the IRS website).

And a clear, legible copy of at least one (1) of the following:

Valid NYS Motor Vehicle Registration;

Current US Bank Account Statement mailed to your home (no computer print-outs and your primary mortgage statement is not an acceptable account statement);

Current Major US Credit Card Statement mailed to your home (no computer print-outs);

Current Utility Bill (gas or electric) mailed to your home (no computer print-outs and must include return payment stub);

Current Homeowner Insurance Policy mailed to your home (no computer print-outs);

NYS School Registration;

NYS Voter Registration.

Contract of Purchase and Sale of proposed form of lease.

Required from the Prospective Purchaser

An Affidavit re: Household Makeup, Household Income and Primary Residence completed by the prospective purchaser and notarized.

IRS Transcript of Tax Return for Two Most Recent Tax Years for each income-earning member of the purchaser household. Transcripts of Tax Returns may be obtained through the IRS website.

Two most recent paystubs for each income-earning member of the purchaser household.

The Toren Condominium Affordable Unit Application for prospective Purchaser(s).

Required from the Prospective Tenant

A Tenant Affidavit re: Household Makeup and Household Income completed by the prospective tenant and notarized.

An IRS Transcript of Tax Return for the most recent tax year for each income-earning member of the tenant household. Transcripts of Tax Returns may be obtained through the IRS website.

Two most recent paystubs for each income-earning member of the tenant household.

Mailing Instructions

Submit the entire package of the above-referenced materials to the following address:

NYC Department of Housing Preservation and Development
Homeowner Mortgage Servicing Unit
100 Gold Street, Room 7-V3
New York, New York 10038
Attn: Lorraine Dowd-Snella

Contact

If you have any questions concerning your NSP Subsidy Mortgage or about completing a request for approval of a prospective purchaser or tenant, you may contact the Mortgage Servicing Unit at 212-863-6914 or mortintake@hpd.nyc.gov.