City botched Astoria Cove affordable housing numbers

Officials looked at outdated maps when setting levels for applicants for below-market units

New York /
Oct.October 31, 2014 09:15 AM

City planners miscalculated the affordable housing requirement at the proposed Astoria Cove development on the Queens waterfront, officials admitted.

Alma Realty is looking to re-zone the area to build a massive new mixed-use development that will include roughly 1,700 residential units. The developer has proposed that 20 percent of the units will be set aside for those who earn 80 percent or less of the area median income. In 2013, that number was $68,700 for a family of four. It turns out, however, that — in order to get a tax break from the state — Alma Realty will have to dedicate 20 percent of the apartments to households that make less than 60 percent of the area median income. In 2013, this was $51,540 for a family of four.

Because planners at the city’s Department of Housing Preservation and Development looked at outdated maps, according to Crain’s, the affordable units will actually have to be made available to residents who make less than that. Council members, as well as Borough President Melinda Katz, have demanded a higher percentage of affordable units.

“This doesn’t change the fact that affordable housing will be mandatory instead of voluntary and doesn’t alter the project’s economics,” an HPD spokesman said in a statement, cited by Crain’s. “We’re just relieved we caught it while the council is still deliberating the project and has a chance to weigh this as they make their decision.”

The City Planning Commission approved the plan last month. The City Council is slated to vote on the project at the end of November. [Crain’s] — Claire Moses

 
 
 

Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Dianne Morales and Phipps Houses in Kips Bay (Dianne Morales, Google Maps)
Mayoral candidate runs away from ex-employer Phipps Houses
Mayoral candidate runs away from ex-employer Phipps Houses
420 Stockholm Street in Bushwick with State Attorney General Letitia James (Google Maps, Getty)
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
Paul Fishbein pretended to own properties across the city, pocketing rental assistance checks in the process, authorities said. (Getty)
Landlord imposter pocketed $1.5M in rental assistance: Authorities
Landlord imposter pocketed $1.5M in rental assistance: Authorities
City Council member Justin Brannan (Getty, Justin Brannan via Facebook)
Council member wants to take up office-to-resi conversions debate
Council member wants to take up office-to-resi conversions debate
Veev CEO Amit Hallar (Veet, iStock)
Modular housing startup Veev raises $100M to build homes faster, cheaper
Modular housing startup Veev raises $100M to build homes faster, cheaper
From left: Shaun Donovan, Dianne Morales, Kathryn Garcia, Eric Adams, Ray McGuire, Andrew Yang, Maya Wiley and Scott Stringer (Getty)
Mayoral candidates tackle affordability, cancel rent in housing debate
Mayoral candidates tackle affordability, cancel rent in housing debate
arrow_forward_ios

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

Loading...