In the worst recession since the Great Depression, it is very important to provide affordable housing for New Yorkers. Through the efforts of the government and private developers, New Yorkers have the opportunity to rent apartments at great savings in the Clinton section of Manhattan and in the Brooklyn neighborhood of East Williamsburg.
In Manhattan, 119 households will be lucky to secure an apartment in Glenwood Management’s rental building at 320 West 38th Street. The towered development with 569 rental units has 20 studios, 67 one-bedrooms, and 32 two-bedrooms available for low-income residents. Apartments are available for one to four people with monthly rents ranging from $383 to $631. The building is slated to open this summer.
In Williamsburg, applications are now being accepted for 152 affordable housing units in L&M Development Partners’ Cook Street Housing, a mixed-use development comprised of two buildings, 9 Cook and 21 Cook streets. All the units will be rented to low-income families and occupancy is slated for the middle of this year. The apartments range in size from studios to three bedrooms, with rents ranging from $415 to $1,002 per month.
These buildings are being constructed through the New York City Department of Housing Preservation and Development, the New York State Housing Finance Agency’s secured loan rental program and New York City Housing Development Corporation’s low-income affordable marketplace program.
Qualified applicants are required to meet income and family size guidelines. Income is capped, depending on household size, between $17,294 and $53,460 per year. There is no application or brokerage fee.
Michael Stoler is a columnist for The Real Deal and host of real estate programs “The Stoler Report” and “Building New York” on CUNY TV and on WEGTV in East Hampton. His radio show, “The Michael Stoler Real Estate Report,” airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.