The New York City Housing Authority plans to bring a project with market-rate housing near an 11-building development for lower-income tenants in East Williamsburg.
The housing authority would lease a parking lot near Cooper Park Houses — a 700-apartment complex— to a private developer to build up 250 units, the Wall Street Journal reported. The units would be split 50-50: Half would be market-rate, and the other half would be below market-rate. Proceeds from the lease would go to the housing authority’s capital program.
“It has a market value that can be leveraged,” Deborah Goddard, executive vice president for capital projects at the authority, told the Journal.
Democratic Rep. Carolyn Maloney, however, argued that the affordable units created through 50-50 programs aren’t affordable enough.
“It creates a system where public-housing developments in affluent areas lose access to the few conveniences they currently have to generate income of which only a fraction is invested in the buildings bearing the burden,” she said.
The authority plans to issue a request for proposals after consulting with residents of Cooper Park Houses. [WSJ] — Kathryn Brenzel