WHAT: A drawing to win the chance to buy a 1,000-square-foot two-bedroom co-op in Yonkers. The price may be around $155,000. There are 18 co-ops available.
WHO: This project is being sponsored by the Actors Federal Credit Union, the credit union which has a branch on the fourth floor of Local 802.
HOW: You must send your name, credit union account number, contact information, and a note indicating that you are entering the AFCU Yonkers lottery, to the American Arbitration Association, 10th floor, 1633 Broadway, New York, NY 10019 or by e-mail to ZainoJ@adr.org.
WHEN: Entries will be accepted until 5 p.m. on Oct. 12.
MORE INFO: www.actorsfcu.com or call (212) 869-8926 and press option 4 to reach the credit union’s Loan Department.
Members of the credit union can enter a lottery to win the chance to buy one of 18 two-bedroom co-ops in Yonkers at a price that may be as low as $155,000 each.
The co-ops, each about 1,000 square feet, are expected to be completed and ready for sale by this fall.
The credit union will be holding a drawing on Oct. 15, exclusively for its members, to determine who will have the opportunity to apply for a mortgage and purchase a co-op at 35-37 Hudson Street in Yonkers.
Any Local 802 member can join the Actors Federal Credit Union, which has a branch on the fourth floor of the 802 building.
AN AFFORDABLE DREAM
“We hope to keep the average cost for each unit at about $155,000,” said Jeff Rodman, president of the credit union. “The individual units will be selling at cost. When we’re finished, the building will have a new elevator and each apartment will have two baths and a washer and dryer.”
The renovation has expanded the building from an existing three stories to a total of five, with rooftop terraces and street-level retail spaces.
The building is located about two blocks from an express-stop Metro North/Amtrak station, with an estimated commute time to Grand Central Station of about 30 minutes.
Recent renovations and new construction in downtown Yonkers have added multiple housing complexes and high-rises. Included in the revitalization of the waterfront is a new marina and promenade, stretching several miles along the banks of the Hudson River. Downtown Yonkers offers additional shops, malls, and recreational options.
DETAILS OF THE LOTTERY
To ensure a fair and impartial selection process, AFCU has hired the American Arbitration Association to collect the entries and conduct the drawing.
All entries for the drawing must be sent directly to the American Arbitration Association, 10th floor, 1633 Broadway, New York, NY 10019 or by e-mail to ZainoJ@adr.org. To enter, send your name, credit union account number, contact information, and a note that this is for the AFCU Yonkers lottery.
Entries will be accepted until 5 p.m. on Oct. 12.
The drawing to determine the order of priority for who can purchase a co-op will take place at 2 p.m. on Oct. 15 at 165 West 46th Street on the 14th floor. Members don’t have to be present at the drawing to retain their eligibility.
Your credit union staff cannot help you enter. Credit union employees, credit union board members, and credit union volunteers are not permitted to accept drawing entries under any circumstances.
NOT A GUARANTEE
“It’s very, very important that members who have their names selected in the drawing realize that until they obtain a mortgage, they are not guaranteed a co-op, only the opportunity to pursue the purchase of one of the units,” said Rodman.
Those selected in the drawing must be pre-qualified for a mortgage within 10 days and have a commitment letter for a mortgage within 30 days of being selected in the drawing. Otherwise the next available person selected in the drawing will be given the opportunity to purchase a co-op.
As a special offer for the Yonkers Project, members who qualify will be able to purchase a property with a 10 percent downpayment. AFCU will then finance the remaining portion of the purchase price by offering a conventional mortgage of 80 percent of the purchase price in combination with a fixed-rate home equity loan for 10 percent of the purchase price.
More information is available at www.actorsfcu.com or call (212) 869-8926 and press option 4 to reach the credit union’s Loan Department.