Affordable housing project to revive stalled Brooklyn condo site

New York /
Mar.March 22, 2011 10:17 AM

The site of a stalled Prospect-Lefferts Garden condominium is set to become a city-subsidized middle-income housing project in the first deal to close since the city launched its Housing Asset Renewal Program in 2009, according to the New York Times. The $20 million program, intended to simultaneously jumpstart stalled construction sites and fill a need for affordable housing, has been slow to catch on as developers attempted to wait out a rebound in the housing market. But facing foreclosure at the 382 Lefferts Avenue site where it had once planned a 26-unit condo building, developer Tali Realty applied for the city program last year (the extended deadline was July 2010). Lender Community Preservation Corporation agreed to refinance the loan, and the city allocated a $2.9 million subsidy, or $64,463 for each of the 46 rental apartments now slated for the site. Construction is now slated for completion in 2013, and units will be open to renters who make no more than $55,000 per year as individuals, or $79,200 for a family of four, Crain’s reported. Rafael Cestero, head of the city’s Department of Housing Preservation and Development said the agency has already approved four additional projects totaling 220 units that will participate in the program once their financing closes, and is reviewing four more. [NYT] and [Crain’s]


Related Articles

arrow_forward_ios
Hispanics account for more than half of U.S. homeownership growth in the past decade despite making up only 18 percent of the population. (iStock)
Buenas noticias: Hispanic homeownership soars
Buenas noticias: Hispanic homeownership soars
Refinances made up 60 percent of all applications, up slightly from 59.2 percent the previous week. (iStock)
Mortgage rates dip, triggering surge in loan requests
Mortgage rates dip, triggering surge in loan requests
Housing starts soared in March, which is good news for a residential market hampered by low inventory and high demand. (iStock)
Good news: March housing starts soar 19%
Good news: March housing starts soar 19%
(iStock)
Homebuilder sentiment ticks up in April
Homebuilder sentiment ticks up in April
The housing market needs 3.8 million single-family homes to meet current demand (iStock)
US needs 4M homes to meet demand from buyers
US needs 4M homes to meet demand from buyers
Mortgage requests, refinancings continue to drop
Mortgage requests, refinancings continue to drop
Mortgage requests, refinancings continue to drop
Many of these investors are targeting lower-priced homes. (iStock)
Institutional investors, higher material costs lead to rising home prices
Institutional investors, higher material costs lead to rising home prices
Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
Canadian pensions, Asian wealth funds eye single-family home rentals
Canadian pensions, Asian wealth funds eye single-family home rentals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...