Multiple plans to convert Parkway Hospital into affordable housing have faced obstacles since its closure. The latest challenge involved the Trump administration rescinding an $8 million EPA loan aimed at supporting sustainable building measures. This funding cut created significant uncertainty for developers. Despite this setback, Foxy Development continues the project with reduced environmental initiatives and new state funds. The incident illustrates the unpredictable nature of federal funding and its effects on housing projects facing a critical shortage across the nation.
Fox said his company, Foxy Development, is moving forward with the project after scrapping some of the most ambitious environmental goals and obtaining new state funding to replace some of the lost EPA money.
The removal of that funding at that late stage sent everybody into a tailspin," project developer Jeff Fox said. "The initial feeling was, 'What are we going to do? How can we possibly fill this gap?'.
Fox also expressed concern that "there are other projects...both in New York City and across the country that are reeling from the same cut and the fear of future cuts."
The saga shows the impact the abrupt removal of federal funding under the Trump administration can have on a planned development amid a dire affordable housing shortage.
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