Affordable Housing

421-a tax break will continue to cost NYC revenue for decades after it expires, report finds

Photo by Patrick Tomasso on Unsplash

June 7, 2022

421-a tax break will continue to cost NYC revenue for decades after it expires, report finds

By Aaron Ginsburg

The 421-a tax abatement program, which gives real estate developers who construct new residential buildings a property tax exemption in exchange for designating a portion of the homes affordable, will expire on June 15 after state lawmakers last week did not renew it during the final day of this year's legislative session. Even with it set to lapse, the controversial program will continue to cost the city revenue for decades, according to a new report. According to findings published Monday by the Independent Budget Office of New York City, the tax abatement program will cost the city over $1 billion annually until 2034, with total costs not ceasing until the fiscal year 2056.
Details here

State lawmakers approve new public trust that could fund repairs at 25,000 NYCHA apartments

photo via Wikimedia

June 6, 2022

State lawmakers approve new public trust that could fund repairs at 25,000 NYCHA apartments

By Michelle Cohen

New York state legislators last week passed legislation that would allow the New York City Housing Authority to raise billions of dollars for desperately needed repairs at 25,000 apartments in the system. Championed by Mayor Eric Adams and proposed by public housing authority chair Gregory Russ, the Public Housing Preservation Trust is seen as a rescue measure for funding needed for the NYCHA system–by far the nation's largest public housing authority. The new public trust could raise billions of dollars to upgrade thousands of units, The City reports.
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Lottery launches for 53 affordable studios for seniors at former illegal Upper West Side hotel

Rendering courtesy of the NYC Department of Housing Preservation and Development

June 3, 2022

Lottery launches for 53 affordable studios for seniors at former illegal Upper West Side hotel

By Aaron Ginsburg

A building that once operated as an illegal hotel and has been converted into affordable housing for seniors opened a lottery on Friday for 53 apartments. Located at 117 West 79th Street, Park 79 Apartments is a 100 percent affordable housing development with 77 rent-stabilized studio apartments for seniors earning at or below 50 percent of the area median income (AMI), including 24 homes for formerly homeless New Yorkers. Residents, who must be aged 62 years or older to qualify, will pay only 30 percent of their income in rent.
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Affordable Housing

Mayor Adams proposes changes to city zoning rules to create more housing

Image courtesy of Michael Appleton/Mayoral Photography Office on Flickr

June 2, 2022

Mayor Adams proposes changes to city zoning rules to create more housing

By Aaron Ginsburg

Mayor Eric Adams wants to turn New York into a city of "Yes in my backyard." During an event hosted by the Association for a Better New York (ABNY) on Wednesday, the mayor introduced three citywide zoning amendments that would spur affordable housing creation, support small businesses, and reduce the city's carbon footprint. Under Adam's "City of Yes" plan, the Zoning for Housing Opportunity amendment would allow for a variety of housing types, make it easier to convert office space into housing, and reduce "unnecessary parking requirements" at developments.
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Developers behind Harlem’s One45 withdraw plan after opposition from local council member

Rendering courtesy of SHoP Architects

June 1, 2022

Developers behind Harlem’s One45 withdraw plan after opposition from local council member

By Aaron Ginsburg

A proposal to bring two new residential towers with hundreds of affordable housing units to a largely vacant lot in Harlem was scrapped by developers this week. Late on Monday, the developer withdrew the project, known as One45, a few hours before it was set to be voted on by a City Council committee, as Patch first reported. The plan involved two mixed-use towers on the corner of West 145th Street and Lenox Avenue with a total of 915 apartments. The proposal faced fierce opposition from local Council Member Kristin Richardson Jordan, who argued that the new development would displace Harlem's Black residents and contribute to gentrification. Without the zoning changes needed to build One45, the developers could construct a condo building with no affordable housing, a self-storage facility, and a community facility.
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Affordable Housing

Lottery opens for 23 middle-income units next to Van Cortlandt Park in Riverdale, from $1,800/month

All renderings courtesy of the NYC Department of Housing Preservation and Development

May 31, 2022

Lottery opens for 23 middle-income units next to Van Cortlandt Park in Riverdale, from $1,800/month

By Aaron Ginsburg

Applications are being accepted for 23 middle-income units at a new residential development in the Bronx. Located at 6375 Broadway in North Riverdale, the seven-story building sits across the street from Van Cortlandt Park, the city's third-largest park at more than a thousand acres. New Yorkers earning 130 percent of the area median income–or between $61,715 annually for a single person and $187,330 for a family of five–are eligible to apply for the apartments, which range from $1,800/month studios to $2,350/month two bedrooms.
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Affordable Housing

Construction begins on massive $100M affordable complex in Far Rockaway

All renderings by Aufgang Architects

May 27, 2022

Construction begins on massive $100M affordable complex in Far Rockaway

By Aaron Ginsburg

Construction officially kicked off on a huge housing development that will rise on a former hospital site in Far Rockaway. Edgemere Commons is an 11-building complex with more than 2,000 affordable homes, retail, community space, medical facilities, and outdoor public space planned. The first phase involves the construction of a 17-story building with 194 homes.
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Apply for 268 mixed-income apartments at new 19-story East Harlem tower, from $625/month

Rendering courtesy of S9 Architecture

May 27, 2022

Apply for 268 mixed-income apartments at new 19-story East Harlem tower, from $625/month

By Devin Gannon

About three years since breaking ground, One East Harlem has launched a housing lottery for 268 affordable apartments. Designed by S9 Architecture, the 19-story tower is located at 201 East 125th Street and contains over 400 units of housing, an affordable grocery store, and a new home for the Caribbean Cultural Center African Diaspora Institute. Qualifying New Yorkers earning 40, 50, 100, and 165 percent of the area median income can apply for the apartments, priced from a $625/month studio to a $3,142/month three-bedroom.
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Affordable Housing

Lottery opens for six income-restricted co-ops in Hamilton Heights, available to buy from $236K

Photo courtesy of the NYC Department of Housing Preservation and Development

May 25, 2022

Lottery opens for six income-restricted co-ops in Hamilton Heights, available to buy from $236K

By Devin Gannon

Applications are now open for six income-restricted co-ops available for purchase in Hamilton Heights. The apartments, located at 601 West 148th Street, are available to New Yorkers who earn 95 percent of the area median income, or between $63,288 annually for a single household and $136,895 for a family of five. The units include a single one-bedroom for $235,856 and five two-bedroom apartments, priced at $283,192.
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Affordable Housing

New survey highlights NYC’s rental housing crisis, showing few affordable apartments available

Photo by Dimitry Anikin on Unsplash

May 18, 2022

New survey highlights NYC’s rental housing crisis, showing few affordable apartments available

By Michelle Cohen

The city's Department of Housing Preservation and Development (HPD) released a report this week revealing the first findings from the 2021 New York City Housing and Vacancy Survey (NYCHVS). The report illuminates a trove of information on the city's housing realities since the pandemic began. The survey shows that the city’s overall median household income would have to double in order to cover the median asking rent of $2,750/month. It also reveals an extreme shortage of vacant units among the city's low-cost housing: The vacancy rate for homes listed below $1,500/month was less than 1 percent, the lowest in 30 years. And New York City saw a substantial net loss of low-cost units–and a net increase of higher-cost units–since 1991.
More on the state of NYC's rental housing, this way

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51 middle-income rentals available in East Harlem, from $2,200/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

May 12, 2022

51 middle-income rentals available in East Harlem, from $2,200/month

By Aaron Ginsburg

Applications are currently being accepted for 51 middle-income units at a new residential development in Upper Manhattan. Located at 1998 Second Avenue in East Harlem, the 12-story building gives residents access to a host of amenities and the Upper East Side's wide variety of restaurants and stores. New Yorkers earning 130 percent of the area median income-- or between $75,429 annually for a single person and $215,150 for a family of seven--are eligible to apply for the apartments, which range from $2,200/month studios to $3,750/month three bedrooms.
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Affordable Housing

Lottery opens for 80 units at Morris Adjmi’s new Clinton Hill tower, from $1,320/month

Renderings courtesy of the NYC Department of Housing Preservation and Development

May 5, 2022

Lottery opens for 80 units at Morris Adjmi’s new Clinton Hill tower, from $1,320/month

By Devin Gannon

A 29-story mixed-use tower in Brooklyn designed by Morris Adjmi Architects is now accepting applications for 80 affordable apartments. Located on the corner of Atlantic and Clinton Avenues in Clinton Hill, 539 Vanderbilt Avenue (also known as 550 Clinton Avenue), contains 284 total apartments and 60,000 square feet of commercial space. New Yorkers earning 70, 80, and 130 percent of the area median income can apply for the apartments, priced from $1,320/month studios to $3,897/month three-bedrooms.
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Affordable Housing

Plan to convert vacant hotels into affordable housing backed by Mayor Adams

Photo by Dimitry Anikin on Unsplash

May 2, 2022

Plan to convert vacant hotels into affordable housing backed by Mayor Adams

By Devin Gannon

Mayor Eric Adams on Sunday called on Albany to pass legislation that makes it easier for New York City to convert vacant and underused hotels into affordable housing. Introduced earlier this year by Assembly Member Steven Cymbrowitz and State Sen. Brian Kavanagh, the bill creates an exemption to zoning rules that require developers to undergo the city's lengthy land use review process or complete major renovations for hotels to become permanent housing. While the idea of converting hotels into housing has been floated by lawmakers for years without getting off the ground, the city's growing housing and homelessness crises have renewed a push from officials.
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Adams adds record $171M in budget to fund 1,400 shelter beds for homeless New Yorkers

Photo by Filip Mishevski on Flickr

April 27, 2022

Adams adds record $171M in budget to fund 1,400 shelter beds for homeless New Yorkers

By Aaron Ginsburg

Mayor Eric Adams on Sunday announced an additional $171 million for homeless services in his proposed executive budget for the fiscal year 2023. The mayor says the investment will pay for 1,400 Safe Haven and stabilization beds, small-scale alternatives to traditional shelter settings, the creation of three drop-in centers, and improving ongoing outreach efforts. The investment, which City Hall says would be the largest of its kind to be made by the city, will be allocated every year beginning next fiscal year.
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Lottery opens for 225 mixed-income units at massive development near Yankee Stadium, from $375/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

April 26, 2022

Lottery opens for 225 mixed-income units at massive development near Yankee Stadium, from $375/month

By Aaron Ginsburg

A housing lottery opened this week for 225 mixed-income units at a new residential development just a few blocks from Yankee Stadium. Located at 1164 River Avenue in the South Bronx, the 17-story building is part of a larger residential project known as River Crest Apartments, which will bring nearly 750 units of affordable housing to the block. New Yorkers earning 30, 40, 50, 60, 70, and 80 percent of the area median income, or between $15,429 for a single person and $132,400 for a household of seven people, are eligible to apply for the apartments, which range from $375/month studios to $2,059/month three-bedrooms.
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Affordable Housing

44 units available at new Williamsburg building designed for seniors, from $1,041/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

April 22, 2022

44 units available at new Williamsburg building designed for seniors, from $1,041/month

By Aaron Ginsburg

Applications are currently being accepted for 44 low-income units at a new senior-housing development in Brooklyn. Located at 64 Scholes Street in Williamsburg, the 8-story building is dedicated to providing senior residents with affordable housing. New Yorkers earning 60 percent of the area median income, or between $38,263 annually for a single person and $57,300 for a household of two, are eligible to apply for the apartments, which cost $1,041 per month.
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Affordable Housing

Lottery opens for 35 units at new Astoria building designed for low-income seniors

Photo courtesy of the NYC Department of Housing Preservation and Development

April 13, 2022

Lottery opens for 35 units at new Astoria building designed for low-income seniors

By Aaron Ginsburg

A housing lottery opened this week for 35 very-low-income units at a new development in Queens. Located at 23-11 31st Road in Astoria, the Bishop Valero Residence is a six-story building designed with senior residents in mind. Developed by Catholic Charities and designed by Dattner Architects, the project includes on-site supportive social services accessible through the ground floor's 200-seat community senior center. New Yorkers who are 62 years or older and earn 40 or 50 percent of the area median income, (no more than $33,440 annually for a single person or no more than $53,700 for a household of three) can apply for the units.
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Affordable Housing

Lottery opens for 185 units at former Jehovah’s Witnesses hotel in Dumbo, from $537/month

Image courtesy of Breaking Ground

April 4, 2022

Lottery opens for 185 units at former Jehovah’s Witnesses hotel in Dumbo, from $537/month

By Aaron Ginsburg

A housing lottery opened this week for 185 mixed-income units at a residential tower in Brooklyn. Located at 90 Sands Street in Dumbo, the 30-story building offers affordable units to those with extremely low to moderate incomes and formerly homeless New Yorkers. Once a hotel owned by the Jehovah's Witnesses, the property was acquired by nonprofit Breaking Ground in 2018 for $170 million and converted into supportive and affordable housing. New Yorkers earning 30, 40, 60, 100, and 120 percent of the area median income are eligible to apply for the apartments, priced from $537/month studio apartments to $2,132/month one-bedroom apartments.
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Affordable Housing

20 mixed-income units available at ODA’s new Lower East Side rental, from $677/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

March 25, 2022

20 mixed-income units available at ODA’s new Lower East Side rental, from $677/month

By Aaron Ginsburg

Applications are currently being accepted for 20 mixed-income units at a new rental on the Lower East Side designed by notable local architects ODA Architecture. Developed by Nexus Building Development Group, the 16-story mid-rise at 171 Chrystie Street features an intricate geometric design and a prime lower Manhattan location. New Yorkers earning 40, 60, and 130 percent of the area median income, or between $24,789 for a single person and $108,680 for a household of five, are eligible to apply for the apartments, which range from $677/month studios to $2,689/month one-bedrooms.
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New report finds neighborhoods in the Bronx lead the city in missed mortgage payments

Photo by Nelson Mejia Jr. on Flickr

March 24, 2022

New report finds neighborhoods in the Bronx lead the city in missed mortgage payments

By Aaron Ginsburg

Two years after the start of the coronavirus pandemic, Bronx neighborhoods are leading the city in mortgage delinquency rates, according to a new analysis by the Center for NYC Neighborhoods. Plus, the city's majority Black neighborhoods were most at risk for foreclosures, with these ZIP codes having an average of 8.48 percent of homeowners who had failed to make their mortgage payment for more than 30 days, as first reported by The City.
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Lottery opens for 56 rentals in Long Island City’s Dutch Kills neighborhood, from $2,556/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

March 22, 2022

Lottery opens for 56 rentals in Long Island City’s Dutch Kills neighborhood, from $2,556/month

By Aaron Ginsburg

Applications are currently being accepted for 56 middle-income apartments in Long Island City. Located at 35-05 30th Street in the micro-neighborhood of Dutch Kills, the Dutch House Apartments is a six-story building featuring a host of amenities and easy access to public transportation. New Yorkers earning 130 percent of the area median income, or between $87,635 annually for a single person and $167,570 for a family of five, are eligible to apply for the apartments, which range from $2,556/month studios to $3,166/month two-bedrooms.
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Affordable Housing

Apply for 50 affordable units at new Downtown Brooklyn building, from $947/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

March 21, 2022

Apply for 50 affordable units at new Downtown Brooklyn building, from $947/month

By Aaron Ginsburg

Fifty low-income units are available at a new residential building in Downtown Brooklyn. Located at 50 Nevins Street, the two-building project was developed by the Institute for Community Living and designed by Dattner Architects. New Yorkers earning 60 percent of the area median income, or between $35,418 annually for a single person or $77,340 for a household of five, are eligible to apply for the apartments, which range from $947/month studios to $1,421/month two-bedrooms.
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Affordable Housing

36 middle-income units available at new waterfront rental in Astoria, from $2,250/month

Rendering courtesy of the NYC Department of Housing Preservation and Development

March 18, 2022

36 middle-income units available at new waterfront rental in Astoria, from $2,250/month

By Aaron Ginsburg

A housing lottery opened this week for 36 middle-income units at a new residential development in Queens. Developed by Cape Advisors and designed by Fogarty Finger, Astoria West at 30-77 Vernon Boulevard consists of three buildings across 2.5 acres along the waterfront. New Yorkers earning 130 percent of the area median income, or between $77,143 for a single person to $167,570 for a household of five, are eligible to apply for the apartments, which range from $2,250/month one-bedrooms to $2,950/month two-bedrooms.
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Affordable Housing

750 spots open on waitlist for Mitchell-Lama Lower East Side co-ops, for sale from $19,677

Streetview of Gouverneur Gardens; © 2022 Google

March 14, 2022

750 spots open on waitlist for Mitchell-Lama Lower East Side co-ops, for sale from $19,677

By Michelle Cohen

Applications are currently being accepted for newly-opened waitlist spots for studios and two-bedroom middle-income units at the Gouverneur Gardens co-op at 305 Madison Street. New Yorkers earning 125 percent of the area median income can apply to purchase apartments in the post-war development on Manhattan's Lower East Side, priced from $19,677 for a studio to $35,418.60 for a two-bedroom.
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Affordable Housing

Project transforming run-down city buildings into ‘green’ affordable housing kicks off in Queens

Courtesy of Ed Reed/Mayoral Photography Office on Flickr

March 10, 2022

Project transforming run-down city buildings into ‘green’ affordable housing kicks off in Queens

By Aaron Ginsburg

Mayor Eric Adams on Wednesday announced a milestone has been reached in a major project designed to improve quality of life and tackle the affordable housing crisis in Southeast Queens. Construction has begun on "Habitat Net Zero," a project that will transform 13 run-down buildings owned by the New York City Housing Authority (NYCHA) into 16 green homes for affordable homeownership.
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