If a harp plays in a forest and no one's there to hear it, does it make a sound? The question no longer matters because, after nearly two years, the city's Housing Asset Renewal Program (HARP) has found a stalled condo project onto which it will bestow some money. The $20 million pilot program was designed to convert unsold condos into affordable housing, but developers weren't eager to play along. Now, finally, the city has closed on a deal to convert Prospect-Lefferts Gardens' 382 Lefferts Avenue. Once set to be a 26-unit condo building, it will now contain 46 affordable rental apartments, the Times and Crain's report, open to single renters earning up to $55,000/year or to families of four earning up to $79,200. Move-ins will probably happen in 2013.
In the meantime, the city is considering four or five other stalled projects for development as affordable rentals or condos?but HARP's budget isn't large enough to cover all of them. Any guesses as to who'll get picked?
· Deal on Stalled Brooklyn Condos is First Under Program [NYT]
· In first, stalled condos reborn as cheap rentals [Crain's]
· HARP coverage [Curbed]