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December 9, 2008

Advocates says housing subsidy too high for CityPoint units, urge HDC to reconsider

Atlantic Yards Report

When the issue is affordable housing subsidies, an applicant shouldn't be asking for more per unit than has been established for other projects.

That was the lesson of a public hearing held yesterday by the New York City Housing Development Corporation (NYC HDC), a first step to consider $400 million in low-interest financing for some 810 units--perhaps 20-25% affordable--at the the CityPoint tower planned at the Albee Square Mall site in Downtown Brooklyn.

Families United for Racial and Economic Equality (FUREE), a fierce critic of the effects of the Downtown Brooklyn rezoning, brought several members to protest the CityPoint plan.

But the most effective testimony came from Paula Crespo, a planner at the Pratt Center for Community Development working with FUREE, who pointed out that the $1.9 million in bonds requested per unit was "extremely high." Some HDC projects have required only $150,000 to $400,000 per unit, she said.

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NoLandGrab: Is it any wonder that we have a housing crisis in New York when the taxpayer-subsidized financing for each unit in an apartment building in which 20% of the housing will be "affordable" is equivalent to the mortgage for a prime Brooklyn brownstone?

Posted by eric at December 9, 2008 9:24 AM