Cheap HDFC Apartment in Historic Bedford: Discover Diversity!

Cheap HDFC Apartment in Historic Bedford: Discover Diversity!

On August 31, 2025, a very special one-bedroom apartment in the Bedford Historic District will open its doors to interested buyers. The apartment is located in the breathtaking Randolph Mansion, a work of art by architect Peter J. Lauritzen from 1891. With its striking Romanesque Revival style and charming original details such as columns and terra cotta ornaments, this home fulfills all desires for homely flair and historical elegance. A look inside the apartment reveals a compact unit with a modern U-shaped kitchen and a bathroom finished in classic white subway tiles.

The apartment, which is for sale for $400,000, has come a long way. The last sale was in 2013 when she changed hands for $80,000. Today, monthly maintenance costs are quite moderate at $690. There are a few guidelines for potential buyers to consider: According to the requirements, buyers must have an income of no more than 120% of the Area Median Income (AMI). For a single person this means a maximum of $136,080, while for two people it can be up to $155,520. This ensures that lower-income households can also enjoy home ownership.

Regulated community of HDFC co-ops

The apartment belongs to a HDFC (Housing Development Fund Corporation) co-op, which typically provides affordable housing in New York City. This form of housing management is part of a program that has existed since the 1970s and 1980s to rehabilitate abandoned buildings and offer them as affordable housing. Interestingly, buyers can not only purchase their home here, but also become shareholders in the entire residential complex. This usually happens at a symbolic price and the residents are actively involved in the management. Interested buyers should be aware that this is not a normal property, but a cooperative system that has its own rules, e.g. B. with regard to income limits and sales restrictions.

In total, there are more than 1,100 such HDFC co-ops in New York. These communities receive tax benefits in exchange for compliance with income and sales restrictions, further increasing their attractiveness. It is important that buyers not only document their income circumstances, but also understand the specific requirements and rules for HDFC co-ops. This ensures that the apartments remain affordable in the future.

Viewing dates and further information

The planned viewing on Sunday, August 31st offers the opportunity to see this unique offer for yourself. Compass' Ronald Harvey will be on hand to advise potential buyers and answer questions. It is advisable to prepare well and find out in advance about the necessary documents and framework conditions in order to successfully gain a foothold in this regulated housing and the HDFC co-op.

In a city where rents often skyrocket, HDFC co-ops offer a real opportunity for those looking for a home while being part of a responsible community. If you are looking for a solid investment and a comfortable life in a historic building, you should not miss this opportunity.

For more details and information about HDFC coops, we recommend taking a look at their websites Brownstoners, H2HHC and NYC HPD.