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March 27, 2008

And what about those for-sale affordable units? The fine print is vague

Atlantic Yards Report

Some details surface regarding one of the big outstanding questions about the deal cut by developer Bruce Ratner to gain support for his controversial Atlantic Yards project:

A major question raised about the 600 to 1000 affordable for-sale units, on and off-site, announced by developer Forest City Ratner as part of the Atlantic Yards Housing Memorandum of Understanding (MOU) is why they were absent from the General Project Plan approved by the Empire State Development Corporation. That wasn't cause for confidence.

The recently-unveiled State Funding Agreement does, however, mention the pledge that's contained in the agreement FCR signed with the advocacy group ACORN.

However, as far as I can tell, the document has no teeth, since it asserts no deadlines and no penalties, though it does assign deadlines for other phases of the project and penalties for failure to meet those deadlines.

For one thing, if FCR doesn't build as many market-rate condos--and all housing is now on hold--the MOU appears to give the developer an out. Also, the construction of for-sale affordable units depends on unspecified subsidies.


NoLandGrab: In other words, affordable condos for "families in the upper affordable income tiers" are delayed until further notice.

Posted by lumi at March 27, 2008 5:22 AM