NYC Housing Program Funds Stalled Apartments

NEW YORK (CBSNewYork/AP) — The city has begun awarding affordable-housing grants under a program to relaunch projects that were stalled in the credit crunch, City Council Speaker Quinn announced Tuesday.

The first building to be selected for the $20 million pilot Housing Asset Renewal Program started going up in 2007 but stopped a year later when the developer fell behind on payments.

Now the city is paying $3 million to subsidize the construction in the Prospect Lefferts Gardens area of Brooklyn. In return, the developers will reserve the building’s 46 apartments for middle-income New Yorkers who will be selected through a lottery.

“With the credit crunch leaving so many buildings empty and so many New Yorkers looking for an affordable place to live, it seemed natural to take those two problems and make them into a solution,” Quinn said in a statement.

Quinn, who first proposed the program in 2009, said other similar agreements are in the pipeline.

The city Housing Preservation and Development agency has received dozens of applications, and the agency is in the process of negotiations on four of them, which would add more than 200 affordable apartments to the program.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


One Comment

  1. kendra says:

    i myself thinks that is great now cause it could be so depressing living in those shelters at times….when you just want something to call your own…..

  2. Joe Rich says:

    I think it’s great that grants are being allocated to relaunch construction projects that were stalled when the developer fell behind on payments. I get excited by anything that can lead to new or renewal New York Construction Projects . Right now the economy could really use this type of a boost. Construction workers, like myself, need the work more than ever. I am so thankful that I discovered Dodge Projects, because they are an amazing resource. I can’t believe I found a site that has detailed leads of jobs that are perfect for me. The best part is that they actually sorted them by your choice of state project or type. Check it out.

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