Co-Op City, Bronx. Image Credit: NYC HPD
The City has now produced more than 164,000 units or more than 50 percent of the Mayor’s Housing plan to create 300,000 affordable homes by 2026. On April 3, 2020, Housing Preservation and Development announced the preservation of 16,083 affordable homes for New Yorkers.
The City used low-cost preservation programs and tax exemptions to ensure stability and security for families living in 95 buildings throughout the Bronx, Brooklyn, and Manhattan.
The City has now produced more than 164,000 units or more than 50 percent of the Mayor’s Housing plan to create 300,000 affordable homes by 2026, representing an investment of more than $6.6 billion.
Co-Op City, Bronx
HPD worked to lock in affordability at Co-Op City, the largest housing cooperative in the world, until 2052. Co-Op City’s 15,372 homes throughout 72 buildings will remain affordable for low-income New Yorkers.
The affordability agreement guarantees Co-op City’s continued participation in the Mitchell-Lama program for decades. A $1 million commitment from City Council will give the major development accessibility upgrades to 45 buildings.
Prospect Park South, Brooklyn
The City has also safeguarded affordability for over 300 more units in Prospect Park South, Brooklyn through tax exemptions. The 384-unit portfolio, recently acquired by the Camber Property Group, will be affordable for the next 30 years. The eight-building portfolio is located in a rapidly changing section of Brooklyn, and HPD has ensured that very low-income households can afford to remain in their homes thanks to ongoing affordability. Fifty units will remain affordable permanently and 26 units will be set aside for the homeless. The new owner will also ensure that housing code conditions are addressed.
Cooper Square, Manhattan
In collaboration with the New York State Attorney General’s Office, HPD secured affordability for 327 homes across 21 buildings for the Cooper Square Mutual Housing Association for the next 40 years. Cooper Square is a limited-equity cooperative located on a Community Land Trust in Lower Manhattan that serves very low- and low-income New Yorkers.
The Office of the Attorney General granted $1.5 million in funding toward Cooper Square. Cooper Square will be able to expand services for local senior residents. HPD’s Green Housing Preservation Program provides financing for energy efficient upgrades, cutting costs for the cooperative and reducing greenhouse gas emissions by making way for environmentally friendly upgrades. Renovations at this property will include installation of solar PV. Funding was also provided by Enterprise Community Partners for wrap-around services that will allow senior residents of the building to age in place.
Mayor Bill de Blasio stated, “We are facing an unprecedented crisis, and after we have defeated this virus and begin to pick up the pieces, we will need affordable housing like never before. Locking in the affordability of these homes across the city will be crucial to ensuring stability for New Yorkers as we recover.”
Vicki Been, Deputy Mayor for Housing and Economic Development stated, “Now more than ever New Yorkers need the safety and security of staying in their homes. For decades, Co-Op city has been a ladder to the middle class, and we are very proud to keep its more than 15,000 homes affordable.”
Council Speaker Corey Johnson stated, “Securing affordable housing units, especially during these unprecedented times, is critical in keeping New Yorkers in their homes. As the coronavirus pandemic worsens, maintaining affordable housing units is key to combating homelessness.”
By: Laine Vitkevich (Laine is a CityLaw Intern and New York Law School student, Class of 2020).