EAST HAMPTON, NY - The East Hampton Town Housing Department held a lottery drawing on Friday for two town-subsidized houses in the Camp Hero development in Montauk. The houses, which are on the former U.S. Air Force base near Montauk Point, will be sold for approximately $120,000. There were more than 115 applicants for Friday's lottery at East Hampton Town Hall, of which 30 names were selected. The two applicants with the lowest lottery numbers who qualify for the necessary mortgages to complete the sale will be given the opportunity to purchase one of the houses.
East Hampton Town will retain ownership of the land on which the houses sit to ensure that if they are ever put up for sale they will remain in the town's affordable housing system. Owners will be issued a 99-year lease on the land by the town and may recoup any investment in improving or expanding the houses when they are resold.
Since the early 1980s, East Hampton Town has created more than 450 "affordable" housing units, including apartments and single family homes. This winter the town will begin construction on the Green Hollow affordable housing subdivision, a development of 26 houses off Stephen Hands Path that will be sold for approximately $200,000.
Source: 27east.com