New York To Build Affordable Housing For Educators

"Two apartment buildings slated for construction in the South Bronx will provide affordable homes for teachers, administrators and aides, officials announced yesterday."

"The 234 units, financed through a $28 million bond bought by the Teachers' Retirement System, are designed to retain educators who can't afford steep New York City rents."

"City Controller William Thompson, whose office oversaw the financing, said the program could be replicated for other professions, such as police officers and firefighters."

"'We'll expect to see other instances in the future of housing for municipal workers,' he said."

"Rents will range from $806 for a studio to $1,412 for a three-bedroom. To be eligible, educators can earn up to 110% of the area's median income, which is $76,000 for a family of four, officials said."

Thanks to Real Estate Rama