Omni New York, a developer and landlord that specializes in revitalizing affordable housing units, has paid more than $137 million for a massive residential complex in the Bronx. The property is located at 16 Richman Plaza in the borough’s Morris Heights section and is composed of 1,654 below-market-rate rentals. Omni plans substantial revitalization, but emphasized that the units—which range from studios to 4-bedroom apartments–would remain under the Mitchell-Lama affordable housing program. … [more]

Borough President Scott Stringer

New York needs to curb its housing costs if it wants to keep attracting young tech talent and grow Silicon Alley, a new report released today by Manhattan Borough President Scott Stringer states. The report, titled “Start-Up City,” outlines 11 ways to keep New York’s tech boom booming, including investments in education, such as financial aid for engineering students who agree to work for the city after completing their degree, increasing diversity in the tech sector and designing a new class of affordable housing, according to the reported, cited by Crain’s. [more]

Despite rising housing prices, homes across the nation are becoming more affordable to median-income families, thanks to lower interest rates, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released today. Greater New York, however, continues to be the least affordable major housing market in the country.

Nationwide, the median price of new and existing homes sold in the third quarter was $189,000, $13,000 higher than the previous year, the report stated. But the reduced mortgage rates — they’re at the lowest they’ve been in more than a decade – meant that 74.1 percent of these homes were affordable to median-income families, up from 73.8 percent in the previous quarter. [more]

Dunn Development President Martin Dunn and the Livonia Avenue Initiative sites

The city has selected Dunn Development Corp. to develop four city-owned vacant lots in East New York, Brooklyn, into 270 units of low-income rental apartments.

The measure is part of the planned Livonia Avenue Initiative, which will bring 791 low-income rentals to the area. Dunn’s four-lot development will be called Livonia Commons and will also include 11,000 square feet of retail space and 21,000 square feet of community space. The lots will be transferred within 18 months at a cost of $1 each. [more]

Nicolas Ronderos, the author of the study

East Harlem will lose thousands of affordable housing units by the year 2040, as one-third of the 40,500 subsidized units in the community are scheduled to transition to market-rate rents, a new study shows. The report, published by the Regional Plan Association warns that thousands of East Harlem families could be displaced over the next three decades if nothing is done.

The association is recommending the establishment of community land trusts, under which existing homes would be transferred to non-profit corporations; that would allow residents to control the properties under 99-year lease agreements. [more]

Vantage CEO Neil Rubler

From the July issue: After years of financial turmoil at Savoy Park, an 1,800-unit Harlem apartment complex, Vantage Properties and Area Property Partners finally unloaded the troubled development for more than $210 million last month.

The sale allows the two firms to pay off the outstanding balance on the senior mortgage that’s been looming over them for years. [more]

From left: Jed Walentas of Two Trees and the Domino Sugar plant

Jed Walentas of Two Trees, which last week signed a $185 million contract to buy the Domino Sugar Factory plant in Williamsburg, told the New York Observer that there may not be affordable housing at the waterfront development.

“I know there is a lot of interest in affordable housing in the community,” Walentas told the Observer. “If we can reach a broad level of support for more, and it is buildable, that is something we would consider.” [more]

From left: Lloyd Goldman and a rendering of 110 First Street

The newest dispute surrounding development of Jersey City’s Powerhouse Arts District comes in the form of a Lloyd Goldman-backed 500-unit high-end development that, in its latest incarnation, would not be required to include affordable housing inside, the Wall Street Journal reported. However, some City Council members and locals say they think this development will prove to be the final blow to a district where officials had promised to create a safe haven for artists through the inclusion of cheap lofts.

Negotiations are still on the table to keep the affordable housing option within the district, but a decision is still weeks away. [more]

From left: Mayor Michael Bloomberg, Jonathan Rose and Via Verde

Via Verde, a green affordable housing complex in the Melrose Section of the South Bronx, officially opened its doors today — and Mayor Michael Bloomberg and U.S. Department of Housing and Urban Development Secretary Shaun Donovan were there to celebrate.

The 222-unit rental and co-op building — developed by Phipps Houses and Jonathan Rose Companies and designed by Dattner Architects and Grimshaw Architects — was the winning proposal of the city’s first juried design competition for affordable and sustainable housing, according to a press release issued today by the Mayor’s office. [more]

From left: Council member Stephen Levin and the Williamsburg waterfront

In exchange for their blessing to revise Williamsburg and Greenpoint zoning laws to encourage new luxury apartment developments in 2005, they city promised community leaders that public parks and 3,500 of units of affordable housing would be built. Seven years later the city is struggling to keep up its end of the bargain, according to the Wall Street Journal. [more]