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September 30, 2010
FCR's Gilmartin claims affordable housing goes to (four-person) households earning only up to $90,000 a year; she's off by one-third
Atlantic Yards Report
The errors just keep on comin'.
Well, you could say Forest City Ratner Executive VP MaryAnne Gilmartin explains affordable housing better than she did at a public appearance in July 2009, when she was unable (or unwilling) to describe the monthly rent range.
But you couldn't say she was fully able to explain it at a public meeting last night, given that she significantly downplayed the availability of subsidized housing to middle-income tenants.
She suggested that affordable housing for families of four would be limited to households earning up to about $90,000.
Actually, affordable housing would be available to those earning up to 160% of Area Median Income (AMI), or $126,720 for a family of four.
That means rents near or above $2000 a month for most affordable units (for four persons), under even the most optimistic scenario.
...The follow-up
She was asked the definition of affordable housing.
"The definition of affordable housing as outlined by housing agencies," Gilmartin responded, noting that 100% of AMI is for a family of four is $79,200.
"What we do from that... families of four... making anywhere from 30,000 dollars a year to approximately 90,000 dollars a year would qualify for the housing based on those guidelines," she said.
But that significantly evades the actual configuration.
Posted by eric at September 30, 2010 2:00 PM