Speaker Christine C. Quinn and Mayor Bloomberg announced a $20 million commitment to fund a pilot program that will turn unsold condominiums, market-rate rental buildings and stalled construction sites into affordable housing opportunities for moderate and middle-income families. The pilot could covert as many as 400 units into affordable housing over the next year.
“The economic crisis has forced everyone to look for new and innovative solutions to age old problems,” said Speaker Christine C. Quinn. “The credit crunch has left buildings across our city empty, just waiting for someone to call them home. And now, because of the Housing Asset Renewal Program, these units represent our best chance to confront the housing crisis head on.”
“We believe we can do this acquisition with a price that is less with what we pay for affordable housing in the city.”
The program will focus on two types of problematic developments: completed projects with a high number of vacancies and stalled sites that are still under construction. Projects will be selected based on 3 goals:
Neighborhood Stabilization – Priority will be given to buildings in neighborhoods that will have the greatest impact on keeping communities stable;
Efficient Use of Public Funding – Preference will be given to projects that need the lowest amount of public assistance to achieve maximum affordability;
Deep Discounts to New Yorkers – Projects will be selected based on which developers and banks offer the deepest discounts below market rates on prospective units.
The question is what about the housing that’s already endangered of being phased out?
