Affordable Housing Slated for PLG

A new city program that converts stalled construction projects into affordable housing units will get its start with a building in our fair neighborhood. That building, 382 Lefferts Avenue (between Nostrand and New York), was one of many casualties of the real estate bust. But under the new plan, the former condo development will be transformed into 46 rental apartments for middle-income households: 5 studio apartments, 28 one bedrooms, and 13 two-bedroom units.

City officials, under the Housing Asset Renewal Program, gave developer Tali Realty LLC a $2.9 million subsidy in order to secure the affordable units. Those units will be set aside for single persons with incomes under $55,000 per year year and families of four with incomes under $79,200. (These numbers are based on the Area Median Income. Never mind that $55,000 for one person would make him much wealthier than four people sharing $79,200. I'm sure this makes sense.)

The project is expected to be completed in 2013. There's no word yet on what the rents will be but, assuming they're comparable to other subsidized units in the city, they'll be low enough to be highly desirable.

More info:
Deal on Stalled Condo Project Is First Under a City Program (NY Times)
NYC Housing and Preservation Development press release

CORRECTION: Thanks to Babs for pointing out (see comments) that the top photo is not the site in question but is actually across the street.

Comments

[babs]

That monstrosity, unfortunately, is NOT the site in question. The actual site is on the other side of the street (the even numbers are on the south side) and is a vacant lot with partially-completed foundation. I sure as heck do wish someone would do something with this mess, however: http://beta.local.yahoo.com/another-failed-construction-site-lefferts-avenue-yahoo-contributor-network