Dive Brief:

• A former Metropolitan Transportation Authority bus depot in East Harlem, in New York City, is set to be converted into a 730-unit affordable housing complex, along with a memorial for the area's historic African Burial Ground, according to Curbed New York.

• Under the plan unveiled by the New York City Economic Development Corporation and the Department of Housing Preservation and Development, about 150 of the units will be made available to three-person households earning $24,500 or less and another 220 units will be earmarked for households making 80% or less of the area’s median income.

• A land-use review is now underway for the project. When the process is complete, the city will issue a request for proposals.

Dive Insight:

New York City, like other major U.S. metros, is in a rush to deliver more affordable housing options as the affordability gap grows in response to a lack of inventory in the low- and middle-income tiers amid rising demand there.

More projects are being added to the pipeline, however. In December, the New York City Council approved four new affordable housing developments in East Harlem and the Bronx, while Monsey, NY–based developer Ader Group announced plans last month for a 474-unit affordable housing project in the South Bronx. According to a study released in February by the city's Economic Development Corporation, a proposed $19 billion redevelopment at Queens' Sunnyside Yard could yield as many as 7,200 affordable housing units.

New York City Mayor Bill de Blasio has also rolled out a series of initiatives in recent months in an attempt to deliver on his pledge to provide 200,000 new or existing affordable homes in the city over the next 10 years. One such measure included an announcement in February to set aside $1.9 billion for 10,000 more affordable housing units in the city.

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