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January 21, 2009
Bloomberg A.D.
The Observer
By Eliot Brown
It looks like NYC Commissioner of Department of Housing Preservation and Development Shaun Donovan is a shoo-in for Obama's secretary of Housing and Urban Development. But what are the hurdles for a post-Donovan HPD?
And part of the plan relied on affordability requirements in a few key mega-developments, such as the Atlantic Yards project in Brooklyn that planned over 6,400 units of housing, more than 2,200 of which would be for low- or middle-income families.
But with financing in short supply and the market for new development at a standstill, affordable housing production is taking a hit across the board. Development in the rezoned areas is expected to proceed far more gradually; demand for the federal tax credits has dropped as banks have no profits on which to be taxed; and large projects including Atlantic Yards are stalled with an uncertain future.
Posted by lumi at January 21, 2009 4:56 AM