Financing Approved for Affordable Housing Developments

HDC approves the financing to fund 2,226 units of affordable housing. On June 16, 2014, the Board of Directors of the New York City Housing Development Corporation approved the financing for projects in Manhattan, the Bronx, and Brooklyn which will consist of $2756 million in bonds and $88.7 million in subordinate financing for HDC. The money will be used to construct eleven new buildings with 1,259 affordable housing units and preserve and protect seven projects … <Read More>


Bronx affordable housing approved by Council

Courtlandt Crescent/Melrose Commons. Image: Courtesy of HPD.

Project will include two connected buildings and more than 200 units of low- and moderate-income housing. The City Council approved the Department of Housing Preservation and Development’s proposal to allow Phipps Houses to build a 217-unit affordable housing project in the Melrose section of the Bronx. The two-building development, known as Courtlandt Crescent, will wrap around the northeast portion of a block bounded by East 161st and East … <Read More>


Affordable housing project along the Harlem River OK’d

Image: courtesy of GF55 Partners.

Mixed-use project would provide 314 affordable rental units and replace a former welfare intake center. On February 16, 2011, the City Planning Commission approved the Department of Housing Preservation and Development’s proposal to allow L+M Development Partners and Artimus Construction to develop a 314-unit affordable housing project on a City-owned lot between the Harlem River Drive and Park Avenue’s elevated Metro-North railway in East Harlem. The 296,486 sq.ft. project, known … <Read More>


Energy-efficient affordable housing approved

Brooklyn apartment building will comply with “Passive House” standards designed to dramatically reduce energy costs. On April 29, 2010, the City Council approved the Department of Housing Preservation and Development’s proposal to allow the Ridgewood Bushwick Senior Citizens Council to build an energy-efficient, affordable apartment building at 803 Knickerbocker Avenue in Bushwick, Brooklyn. The six-story building, known as Knickerbocker Commons, will provide 24 dwelling units, affordable to households earning between 30 and 60 percent of … <Read More>


Developers Must Set Aside Affordable Retail Space in City-Funded Developments

The law will help provide more opportunities for small businesses to remain in the City. On February 23, 2020, Introduction 1408-B was enacted into Local Law 35 of 2020. Introduction 1408-B requires developers to set aside affordable retail space for non-chain retailers within large City-funded affordable housing developments. The requirement will apply to certain affordable housing developments of at least 750,000 square feet that receive $15 million or more in City funds. The law, sponsored … <Read More>


Expecting to Meet Goals Two Years Ahead of Schedule, Mayor de Blasio Expands the Housing Plan Objectives

The de Blasio administration increases goal to building and preserving 300,000 affordable units by 2026. On October 24, 2017, Mayor Bill de Blasio announced that the administration is on track with meeting the goal of 200,000 units and is expected to meet the goal by 2022, two years ahead of the 2014 plan’s original date. Using the City’s new tools, programs and funding, the City will work to secure 25,000 affordable units annually by 2021. … <Read More>