New York Begins Converting Stalled Projects to Affordable Housing

The City of New York has unveiled its Housing Asset Renewal Program, a plan to revive stalled projects as affordable housing.

1 minute read

July 14, 2009, 5:00 AM PDT

By Nate Berg

The first infusion of city money -- $20 million -- will enable the rehabilitation of about 400 units.

"By thawing frozen projects, the hope is to free up financing to finish construction on those that are not yet built and to fully occupy those that are. (The imprimatur of the city should help with financing, as well.) Meanwhile, the city will help stabilize these buildings and their surrounding neighborhoods, thus avoiding the blight that plagued the city during the decline of the 1970s and 1980s. With 138 stalled projects confirmed by the Department of Buildings, and countless more unaccounted for, there are plenty of projects in need of support."

FULL STORY: HARPing on Affordable Housing

Friday, July 10, 2009 in The Architect's Newspaper

Government / Politics Housing New York Affordable Housing New York City Stalled Projects Rehabilitation Reuse HARP View More

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