Lower-income earners who’ve never bought a home before will get an unusual shot at living in an historic building. According to the Brooklyn Downtown Star, an 1890′s police building at Humboldt and Herbert in Greenpoint is slated to be turned into 14 condo units subsidized by $1 million allocation from the North Brooklyn Development Corporation and another $300,000 from the borough itself (how does that work?). As someone who has been admiring this building for the past several years, all we can say is that this is a huge score for the lucky few who win the lottery. One drawback: Because of the subsidies, owners will not be able to benefit from any price appreciation that may occur over time.
Seminar Preludes Affordable Housing [Brooklyn Downtown Star]