The New York Housing City Authority launched a program with an ambitious target of 1,000 affordable housing units by selecting two city-owned properties for development.
"Wyckoff Gardens in Brooklyn and Holmes Towers in Manhattan will be the first two sites chosen under a controversial proposal by the New York City Housing Authority to allow developers to build half affordable and half market-rate housing on public land, " reports Laura Nahimias.
"NYCHA expects the program, which it is calling "NextGen Neighborhoods," will create about 1,000 units of housing." Those 1,000 units are a component of the 7,500 units NYCHA is targeting for construction on public land over the next ten years. That number, in turn, is a component of the 17,000 total number of units targeted for construction on public land according to Mayor Bill de Blasio's Affordable housing plan.
NYCHA will also pin hopes for revenue on the proposed development, after years of fiscal woes due to declining federal and state funding, among other factors. Nahimias includes more details about how the developments relate to the NYCHA's budget outlook, the projects themselves, and the longer-term program for affordable housing in New York.
Read the full story: NYCHA selects Wyckoff Gardens, Holmes Towers for new development
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