Family wins lottery to buy half-price NoHo condo

first_imgNORTH HOLLYWOOD – In a neighborhood where condominiums sell for $500,000, the prospect of a brand-new, two-bedroom condo at almost half-price seems too good to be true. But not for the Yoo family. They were the lucky winners of a lottery for a below-market-rate condo Wednesday night. They’ll pay between $275,000 and $290,000 for their new two-bedroom home, depending on their income, in a building where units have sold for up to $400,000. “I’m so very happy. This is our first home,” said an elated Jane Yoo, 46, a South Korean native who has lived in the United States for 27 years. Suresh Gupta developed the new 36-unit building at 11124 Burbank Blvd. and he agreed to sell one condo below market rate in exchange for permission from the CRA to build residential dwellings in a commercial zone. “There’s an affordability crisis. It’s our goal to get affordable into every rental and for-sale development that’s built,” said Steven Brady, real estate development agent with the CRA. The Yoos’ new condo has two bedrooms, two bathrooms, a washer and dryer, patio and parking spaces for two cars. Kerry Cavanaugh, (818) 713-3746 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBlues bury Kings early with four first-period goals Yoo, her husband Simon, 45, and sons Timothy, 14, and Benjamin, 11, will soon move into their Burbank Boulevard home, which was sold at a reduced price under a city affordable housing program. The lottery was held by the Community Redevelopment Agency of Los Angeles and Los Angeles Neighborhood Housing Services, which screened and helped prequalify three first-time homebuyers for the drawing. Councilman Tom LaBonge drew the name. The candidate families are all considered “moderate-income” and earn less than $55,100. The median price for a condominium in North Hollywood is $500,000, and you’d have to make about $120,000 annually to afford it. It’s nearly impossible for a low-income family to buy a condo or a small house in the current market, said Jo-An Turman, marketing director for Los Angeles Neighborhood Housing Services. “Where else can you buy unless you go way out of Los Angeles? It takes a situation like this, where an opportunity comes and you can buy a property below market value. This comes around so seldom.” last_img

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