The Real Deal New York

NYC’s first batch of affordable units part of $350M rehab fund

Most of the 500 apartments that are first to be renovated are located in Brooklyn and the Bronx

August 25, 2014 01:30PM

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(Credit: DNAinfo/Nigel Chiwaya)

Around 4,000 new units of affordable housing are slated to come available in New York City as part of a $350 million fund geared toward rehabbing apartment buildings throughout the state. And of the 500 apartments spread among 27 buildings that are the first to be renovated, the majority are concentrated in Brooklyn and the Bronx.

The two boroughs have 14 such buildings and seven in which units will be renovated as affordable housing units, respectively. One of the biggest projects, which is bringing 90 apartments to 1548-1564 Bergen Street in Crown Heights, is projected to cost around $9.1 million. Another of the largest, located at 1259-1269 College Avenue in the Morrisania area of the Bronx, has 63 residential units and is receiving about $4.8 million for upgrades.

The digs, part of the de Blasio administration’s Housing New York Plan, will be part of a 10-year, $41 billion plan to build or preserve 200,000 units of affordable apartments around Gotham. Robert Riggs, senior vice president and regional director of affordable housing finance group Community Preservation Coalition’s New York City and Long Island region, told DNAinfo that average rents in the buildings will range from about $570 per month to around $1,650 per month, with exact rates varying by development.

“In every case, those rents should be below market, if not substantially below market,” Riggs told the news site. [DNAinfo]Julie Strickland

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