Funding shortage threatens Atlantic Yards affordable housing

A shortage of federal subsidies could prevent thousands of affordable housing units from being built, including some of the 2,250 promised by Bruce Ratner at his Atlantic Yards development. New York state only has about one fifth of the $6 billion in federal grants needed to build all the proposed affordable units. In 2007, the federal government granted only $1.6 billion in the bonds, and isn’t expected to grant much more this year. The shortage has raised doubts about the units in Atlantic Yards, especially because Ratner has not yet filed for the money.