A freelance journalist has uncovered documents that highlight major government financial backing for Forest City's Enterprises' proposed Brooklyn redevelopment project, which has largely been promoted as a privately funded development.
"Documents from lawsuits and elsewhere, uncovered and analyzed by journalist Norman Oder, reveal that including a Ratner request for at least $1.4 billion in tax-exempt housing bonds, at least $637 million in tax-exempt arena bonds, at least $205 million direct cash subsidy from New York City and $100 million direct cash subsidy from New York State, at least $2.34 billion of the $4 billion project has government backing."
"The trouble with Forest City Ratner's extraordinary $1.4 billion housing bond request to New York City's Housing Development Corporation (HDC), is that New York City is facing an enormous deficit in the tax-exempt bonding the developer is seeking. The impact this deficit will have on "affordable" housing development in New York City and in the Atlantic Yards project could be devastating."
"Former City Planning Commissioner Ron Shiffman said, "Forest City Ratner's project, with already inflated construction costs, would suck up and take away so much funding from other affordable housing projects in New York City. "
Thanks to Bruce Rosen
Read the full story: Documents Show More Than Half of the Financing for Forest City Ratner’s Atlantic Yards Project Is Government Backed
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