""It's essentially a Goldilocks situation.""
""I'm not surprised that the first residential conversion to contribute to the Affordable Housing Fund is a conversion in Noho,""
""It's prohibitively expensive if you don't have the right project in mind,""
""But you may not actually get out of the ground and move forward with a project if this wasn't available.""
A residential conversion at 43 Bleecker Street turned a historic six-story building into 11 condominium units and used the option to pay into the Department of Housing Preservation and Development's Affordable Housing Fund to meet Mandatory Inclusionary Housing (MIH) requirements. MIH rules exempt very small projects and require very large projects to build affordable units on-site; projects under 25,000 square feet and fewer than 25 units can contribute to the fund instead. The current contribution rate is $1,130 per square foot of required affordable housing. Caedes is contributing roughly $6 million. Experts say the payment option can make some projects financially viable in neighborhoods like Noho but can be prohibitively expensive for others.
Read at therealdeal.com
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