What is an HDFC unit?

An HDFC unit refers to an apartment within a Housing Development Fund Corporation (HDFC) cooperative in New York City. These cooperatives are a form of affordable housing where residents collectively own and manage their building. HDFC co-ops are a significant part of the city's affordable housing stock, offering below-market prices and monthly maintenance fees.

Who is eligible to apply for housing through EquiNest?

Applicants must meet the income and asset requirements for HDFC housing, typically capped at a percentage of Area Median Income (AMI). You must also be purchasing the unit as your primary residence generally for the 2 years following purchase.

What is the Area Median Income (AMI) cap for my household?

Most HDFC buildings EquiNest works with cap eligibility at 120% to 165% of AMI. The specific cap depends on household size and the building’s bylaws. We help verify eligibility during your application process.

How do I submit an application?

You can apply directly through EquiNest's website. We'll guide you step-by-step through uploading your documents, verifying eligibility, and matching you with units and co-investors.

Do I need to be a first-time homebuyer?

Yes, most HDFC buildings require applicants to be first-time homebuyers. However, some allow exceptions if you haven’t owned property in the last 3-5 years.

Can I apply if I’m self-employed or freelance?

Yes! You’ll need to provide tax returns, bank statements, and documentation of consistent income.

How much do I need for a down payment?

Typically, 10-20% of the purchase price but EquiNest will help match you with co-investors or financing options to help you reach this amount.

What are typical monthly housing costs, including maintenance?

Costs vary, but expect a combination of mortgage payments and monthly maintenance fees. We provide full transparency into projected costs before you apply.

Will my credit score affect my application?

Yes, your credit will be reviewed. However, we consider holistic financial health and will help strengthen your profile if needed.

Can I rent out my unit?

Usually after a couple years. HDFC co-ops require owners to live in their units full-time for a certain period of time.

Can family members live with me?

Yes, as long as the unit is your primary residence and you meet occupancy rules.

What happens if my income increases after moving in?

Nothing! It’s your place.

The EquiNest Model

How is EquiNest different from a traditional co-op?

EquiNest helps make co-op ownership accessible by connecting qualified applicants with ethical investors. We simplify the process and reduce barriers to entry.

How does co-ownership work?

You own and occupy the unit. The investor holds a financial stake and is repaid through appreciation when the unit is eventually sold or through a couple other more liquid avenues.

What happens if I want to sell my unit?

You will follow HDFC resale rules, including income screening of new buyers and resale price caps. EquiNest helps guide this process and ensures all parties are protected.

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