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A blog from CityRealty (Links below will take you to the 6sqft site)

Features

Penn South tower via Wiki Commons Penn South tower via Wiki Commons
A waiting list has recently opened for the 10-building, nearly 3,000-unit affordable complex Penn South in Chelsea. Households that meet the income requirements can apply for a spot on the waiting list to buy studios from $84,372, one-bedrooms from $101,247, and two-bedrooms from $151,870. The deadline to apply is June 24, 2019. Upon completion, 400 names will be chosen for studios, 600 for one-bedrooms, and 250 for two-bedrooms. Further information can be found here.
321-Eighth-Avenue-1 Waiting list criteria via Housing Connect
When a similar waiting list opened in 2014, DNAinfo noted that as many as 50,000 people applied for 300 spots on the waiting list. 6sqft also notes that even if an applicant gets on the waiting list, it could take as long as 10 years for an apartment to become available. However, it could be well worth the wait: These prices represent a significant discount from the Chelsea co-op median, which ranges from $540,000 for studios to $1.75 million for two-bedrooms (all figures per CityRealty listings).
Penn South was sponsored by the International Ladies' Garment Workers Union as an initiative to create housing for low- and moderate-income workers. The complex opened in 1962 in a ceremony attended by President John F. Kennedy, former First Lady Eleanor Roosevelt, and Governor Nelson A. Rockefeller, among other luminaries. In the years that have passed, the resurgence of Chelsea and rise of Hudson Yards have made the location all the more desirable.
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Additional Info About the Building

 
Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
Luxury Homes in Midtown | Newly Renovated Studio-2BR Homes View Property
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