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Buy a 2-Bedroom Condo for $163K in Clinton Hill

 The affordable housing lottery for Waverly Brooklyn opened this week and will run through Sept. 6.
The affordable housing lottery for Waverly Brooklyn opened this week and will run through Sept. 6.
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CLINTON HILL — Prospective homebuyers can apply for a handful of affordable condos at a new 7-story building currently under construction on Waverly Avenue, officials announced. 

The housing lottery is open for the 11 condos at Waverly Brooklyn, located at Waverly Avenue and Fulton Street, according to developers and the NYC Housing Partnership.

Would-be buyers have until Sept. 6 to apply for the units, which range from a studio to two-bedroom apartments. 

One studio priced at $156,444 will be available for a single resident making between $32,617 and $38,053 a year.

Four one-bedroom condos will go for between $165,283 and $252,330 for single residents making between $37,274 and $43,487, or for two residents making between $49,700 and $57,983 a year.

Six two-bedroom condos will go for $163,577 and $179,691 for households of two, three or four people making between $41,934 and $48,923 a year. 

The building’s 37 other condos will sell at market rate, ranging in the upper $500,000s for a studio to nearly $1.5 million for a three-bedroom, according to listings on CityRealty

Amenities include a uniformed lobby attendant, a reception area with seating, a package room, a lounge with a library, a media center, a kitchenette, a terrace with gas grills and a communal dining area, a rooftop garden with an outdoor shower and citywide views, and a fitness center.

Bicycle storage, indoor parking and private storage will be available to rent or purchase. 

The building is being constructed through the city's Mandatory Inclusionary Housing Program and was approved to receive a tax exemption through the city’s 421-a program.

Prospective buyers should have 10 percent of the total purchase price available to put down on the condo. 

Buyers don’t need to be first-time homeowners, but they must live at 500 Waverly as their primary residence. 

Residents who currently or have previously owned a home under a government-assisted program will be ineligible for the affordable units.

Preference will be given to New York City residents. Residents who currently live in the Community Board 2 area — which includes Downtown Brooklyn, DUMBO, Fort Greene, Clinton Hill, Boerum Hill, Vinegar Hill and Brooklyn Heights — will get preference for half of the affordable units.  City employees will get preference for 5 percent of the affordable units.

Five percent of units will be reserved for mobility-impaired applicants, and 2 percent will be reserved for visual- or hearing-impaired applicants.

Interested buyers can attend two information sessions on July 19 and Aug. 17 at 6 p.m. at Brown Memorial Baptist Church, on Gates Avenue between Washington and Waverly avenues. 

To apply for one of the condos, download an application here and return it by regular mail to 500 Waverly Condominiums, P.O. BOX 373001, New York, NY 10037. 

Applications must be postmarked by Sept. 6.