New York City to launch affordable co-living pilot program

November 1, 2018

The Collective Old Oak in West London

On the heels of London-based housing brand The Collective’s announcement to bring a huge, co-living community to Brooklyn, the city of New York announced on Thursday plans to get involved with the growing housing trend. The city’s Department of Housing Preservation and Development said it will launch a pilot program that lets developers seek public financing in exchange for creating affordable, shared-housing developments, the New York Times reported.

The pilot, ShareNYC, seeks proposals for private development sites that include a majority income-restricted units, especially those for low-income New Yorkers. The housing units may be new construction, preserved, converted or adaptively reused; units may be standard-sized or micro units.

According to the Times, the units, similar to “dorm-style” spaces, may or may not have private bathrooms and will have a common kitchen and living area, shared among roommates.

Officials hope this shared housing model would encourage developers to create more affordable housing while also lowering construction costs. “It’s really a decision that reflects what we see in the world–a shortage of small apartments,” Maria Torres-Springer, HPD commissioner, told the Times.

The Collective is planning its New York City flagship at the Williamsburg-Bushwick border at 555 Broadway. As the company’s first acquisition in NYC, expected to open in 2020, the community will offer flexible, affordable housing, communal facilities, and also a food market, restaurant, rooftop amenities, and more. Thirty percent of the units will be rented below market rate.

And another company, Common, already has 319 beds in the city, with an additional 400 planned. Included in the rent are utilities, a washer/dryer, cleaning and household supplies, and WiFi, making this style of living very appealing to young people on a budget.

The city is hosting a pre-submission conference on Nov. 30 and will accept proposals until March 14. More details on the request for information here.

[Via NY Times]


Leave a reply

Your email address will not be published.

Your email address will not be published. Required fields are marked *