New York Gov. Kathy Hochul and state lawmakers are considering pledging $175 million to help developers build a platform over train tracks at the Atlantic Yards project near the Barclays Center. The proposed amount is half of what current developers requested after earlier delays. The funding would come nearly a year after the state waived millions in monthly penalties tied to missed affordable housing deadlines. The joint venture says taxpayer assistance is essential to complete a planned park and thousands of stalled apartments and condos. The project began in 2003, with a promise of 2,250 affordable units by May 2025, but only 1,374 are complete and the platform remains missing. Assemblymember Jo Anne Simon supports the funding if developers follow earlier affordability terms, including pricing about 20% of affordable units for households earning under half the area median income.
"Assemblymember Jo Anne Simon, a Brooklyn Democrat, said she was briefed on the Atlantic Yards budget proposal and supports the state funding, as long as developers adhere to the terms of an earlier agreement, which included a pledge to price about 20% of the affordable units for households earning less than half the area's median income. "I want it to be more than just the money," Simon said. "I think we need to lock in the afford"
#atlantic-yards #new-york-state-budget #affordable-housing #public-infrastructure-funding #real-estate-development
Read at Gothamist
Unable to calculate read time
Collection
[
|
...
]