clock menu more-arrow no yes

Filed under:

NYCHA to Start Leasing Land For New Affordable Developments

New, 6 comments

The New York City Housing Authority has started the process of leasing its underutilized land to private developers who will build affordable housing at the sites. The agency is seeking proposals for developments that will overtake an unused grass area and two parking lots at Ingersoll in Fort Greene, Van Dyke in Brownsville, and Mill Brook in Mott Haven, NYDN reports. The fully affordable developments will target seniors and families who make 60-percent of the area median income, or $46,000 for a family of three. All together, the proposals will lead to about 500 new apartments.

NYDN says that NYCHA and HPD will announce plans to lease more of its land later this summer in areas that command higher rents, where the new developments will be split 50/50 between affordable and market-rate apartments.

While the program is similar to the Bloomberg era Land Lease plan, its numbers for affordable housing skew higher than Bloomberg's proposed 80-20 arrangement.
· NYCHA seeks land bids from developers to create new affordable apartments [NYDN]
· NYCHA and HPD Press Release [official]
· De Blasio Wants to Lease Public Housing Land to Developers [Curbed]