The much-delayed first housing tower at Forest City Ratner’s controversial Atlantic Yards complex in Brooklyn, where half the 363 units have long been promised for “affordable housing,” seems poised to get millions in city housing bonds. While this 32-story building—on which Forest City aims to break ground this fall—would broad-ly meet the pledge the developer signed with housing advocacy group ACORN to ensure that 50 percent of the rentals be subsidized, it otherwise diverges from that promise. Not only would it contain far fewer family-sized units than pledged, those two-bedroom, two-bath units will be disproportionately geared to middle-class families, not low-income ones, with rents more than $2,700 a month. It also differs from what city housing officials aim for in mixed-income affordable housing financing, as well as what Forest City proposed in previous underwriting submissions to housing officials.
The Affordable Housing Report daily "Twitter paper" on Paper.li. Super cool.
- Asset Manaer at EAH Housing (San Rafael, California)
- Project Accountant at TRF Development Partners (Philadelphia, Pennsylvania)
- Senior Project Manager/Project Manager at Resources for Community Development (Berkeley, California)
- Finance Manager at DuPage Housing Authority (Wheaton, Illinois)
- Policy Associate at National Community Land Trust Network (Portland, Oregon)
- Community & Capacity Building Manager at National Community Land Trust Network (Portland, Oregon)