Dive Brief:
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A 474-unit low- and middle-income housing development is set to rise in South Bronx, NY, by Monsey, NY-based developer Ader Group, according to New York YIMBY.
- The 473,000-square-foot project will span two buildings and contain 9,520 square feet of community space as well as 14,937 square feet of retail. Solar panels and roof decks are also shown in renderings. Work is expected to begin in June, with the first building slated for completion in June 2019 and the second by 2021.
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Of the housing units, 95 will be allocated for homeless families and 47 each will go to households earning 37%, 47% and 80% of the area median income. The remaining 238 units will be earmarked for households earning 57% of the AMI.
Dive Insight:
The push by officials in New York to build new and revive existing affordable housing stock is seeing different approaches.
The New York City Housing Authority’s Rental Assistance Demonstration Program recently announced that it is looking for private-sector support to upgrade roughly 1,700 units in Brooklyn and the Bronx. Meanwhile, the New York City Council late last year approved two low- and middle-income housing developments in the Bronx and East Harlem, which together are set to provide more than 2,000 affordable and semi-affordable housing units.
Last month, New York Gov. Andrew Cuomo breathed life back into plans for the state’s 421-a tax break with new legislation, now titled Affordable New York. The tax break aims to entice developers to build more affordable housing but faces pushback from those who question whether developers are using the abatement to build more units and thus lower market-rate prices or are simply passing it along to condo owners as a benefit, according to The Real Deal.
New York City Mayor Bill de Blasio has pledged to provide 200,000 new or existing affordable housing units in New York City over the next decade.
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