"We sought approval for a project with height and density that should have been approved, namely, a union-built, union pension fundfinanced rental project with substantial affordability. Instead, BBG is getting what it wanted: non-union built, 100 percent market-rate condominiums in an already gentrified neighborhood a tragedy for Crown Heights."
"It was rezoned to MIH so there is an affordability requirement, said Wilson Parry of PropertyScout, referring to Mandatory Inclusionary Housing. Schwartz cannot evade this. He has to fulfill it either on-site or off-site. If Schwartz puts the affordable units somewhere else, they must be nearby (see map), and he must build more of them say, 35 percent of total units must be affordable instead of 30 percent. He can choose from MIH options 1, 2 or 4. Eichner was targeting Option 4, aka workforce housing. That would allow market-rate units on 70 percent of the floor area. The other 30 percent would have to be affordable at a weighted average of 115 percent of area median in"
962-972 Franklin Avenue carries a Mandatory Inclusionary Housing (MIH) requirement that obligates the new buyer to include affordable units on-site or off-site nearby. Ian Bruce Eichner previously sought a large, union-built, pension-funded rental project with substantial affordability but faced reductions and conditions from the City Council after shadow concerns over the Brooklyn Botanic Garden. Eichner sold the parcel to Yitzchok Schwartz, who is already building 100 percent market-rate condominiums at 960 Franklin. MIH allows choices among Options 1, 2, or 4; Option 4 would permit 70 percent market-rate and 30 percent affordable at a weighted average of 115 percent AMI, while off-site compliance requires a higher affordable share.
Read at therealdeal.com
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