Affordable housing lottery held for new Riverhead apartments

<p>The Community Development Corporation of Long Island held an affordable housing lottery Friday at Riverhead Town Hall.</p>

News 12 Staff

Jun 1, 2018, 4:34 PM

Updated 2,206 days ago

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The Community Development Corporation of Long Island held an affordable housing lottery Friday at Riverhead Town Hall.
The group selected those who will be first in line to get into a new affordable apartment building in Riverhead. "Peconic Crossing" is a nearly finished with 45 units on West Main Street. 
People who meet the low-income qualifications are eligible to live there. Officials say preference will be given to people displaced by storms and artists, as part of an effort to revitalize downtown.
For qualified applicants, rents will range from $976 to $1,500 a month.
More than 900 applied, but there are only 45 apartments. 
"There is certainly a housing crisis here on Long Island,” said Gwen O'Shea, the president and CEO of CDCLI. “The rule of thumb is no one should spend more than 30 percent of their income on rent of mortgage. That way you can cover other expenses, like food and travel. Close to 50 percent of Long Islanders spend 50 percent of their income on rent or mortgage."
Officials will now screen the people picked in the lottery to make sure they qualify. The first 45 selected residents will be able to move in this July.


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