The controversial plan to convert unsold luxury condo units into affordable housing is moving along, quickly! The Post reports that the owners of two anonymous distressed buildings, one in Harlem and the other in Downtown Brooklyn, are in negotiations with the city to sell unclaimed apartments at huge mark-downs in exchange for subsidies. Details of how this will work are still a bit murky, and the report seems to contradict some earlier intel on how the Housing Asset Renewal Program will function, but according to the city's housing commissioner $500k units could be marked down to $300k, and developers (or the banks that have foreclosed on the buildings) would get up to a $50,000 city subsidy for each apartment. Potential residents?income restrictions apply?would be selected by lottery, and if there's immediate success, the $20 million pilot program could expand to buying unfinished buildings and other neighborhood blights. Tantalizing stuff, but no money shot. Which buildings are considering getting HARPed? There's no shortage of distressed properties in both 'hoods, so let the careless speculation begin!
· City Dealing to Make Luxe Condos Cheaper [NYP]
· Failed Condos to Affordable Housing Gets a Name: HARP! [Curbed]