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What are the pros and cons of buying an affordable housing condo?

vs buying a regular condo? They have some really nice ones in Holmdel NJ and they are in a ruch area. The people in the complex are good people. *rich area

Public Comments

1. Affordable usually means low income. You do not want to live in low income housing unless you have no where else to live. The scumbag 98% will give the good 2% a bad name.
2. In California affordable housing is usually little or no different than normal housing. Usually the cities require the developer to sell about 20% of the housing in a complex at below market rates to moderate income families. Some cities allow the developer to build a separate complex on the same site (with less facilities) but still sold below market rates. The concept of affordable housing has changed from the 60s, 70s, and 80s when affordable housing was built in poor areas and only occupied by the poorest in the society. If the concept in NJ is similar to CA and you qualify, then I don't see any major problems.
3. Sometimes the terms of the purchase require you to live in the condo for a certain number of years. And, when you sell the condo, the government gets a certain percentage of the profits. California did this for an affordable housing development not too far from the coast. Sounds fair. The government was putting up a portion of the purchase price, so why not get a portion of the profits? The property thereafter skyrocketed in value. People sold, and the government wanted its cut. The people took the case to court, and a court ruled that the contract provision allowing the government a cut of the profit was "unconscionable," and the sellers got to keep everything. One reason I believe that public, subsidized-housing projects are B.S. Before you buy, you need to read the terms of the sales agreement very carefully to be sure you can live with your contractual obligations.