Brooklyn Couple Wins Big in NYC Housing Lottery

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Tanese Orr and her husband, Robert Lashley, longtime residents of NYCHA public housing, scored a major win in the NYC housing lottery. After over 20 years in public housing, they secured a stunning two-family house in Clinton Hill, Brooklyn, originally valued at $1.1 million, for a significantly reduced price of $690,000.

From NYCHA to Homeownership

This incredible opportunity came through the Small Homes Rehab-NYCHA Program, which renovates and sells FHA-foreclosed homes to low- and moderate-income families. The program has facilitated the sale of 61 homes since 2015.

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The couple carefully reviewed their options, ultimately choosing the two-family house over a three-family property. The house boasts a three-bedroom, one-and-a-half-bathroom apartment and a one-bedroom, one-bathroom apartment that will generate rental income. It also has a finished basement and a backyard, features that made it an ideal choice for the family.

The Financial Details

The Orrs secured a 30-year, low-interest rate mortgage through the State of New York Mortgage Agency (SONYMA), with a monthly payment that, while initially $4,968.36, has increased to $5,275.53. Their down payment was $36,369, with additional closing costs of $23,395 and a down payment assistance loan of $15,000. The Department of Housing Preservation covered the remaining purchase price with a second mortgage.

The couple's monthly expenses have increased significantly since renting, but they emphasize that homeownership brings them immense pride and peace of mind.

Advice from a Successful Lottery Winner

Having navigated the complex process, Orr emphasizes the importance of a strong credit score. She stresses that even with sufficient funds, a poor credit score could jeopardize chances in the lottery. It's a key takeaway for anyone looking to participate in future lotteries.