The New York City Housing Development Corporation, which provides debt financing for affordable housing, announced a slew of new projects around the five boroughs last week, including one that will be in the shadows of the Atlantic Yards project. According to a June 13 press release, a new 10-story co-op with 80 low-, middle- and market-rate apartments will be built on the vacant lot at 669 Atlantic Avenue between South Portland Avenue and South Oxford Street in Fort Greene. This sounds like good news to us. We just can’t believe that Bruce Ratner doesn’t control this site. It’s certainly a heck of a lot more blighted than some of the places he’s trying to condemn by eminent domain. Then again, it might not be such good PR to try to hijack a property controlled by a do-gooder like Housing Partnership Development Corporation. It’s much better business to go after property owned by moms and pops. Update: A reader points out that the Fifth Avenue Committee is actually the developer and Magnusson is the architect (and the source of the rendering we’ve added above). Oh, and the project is apparently being called Atlantic Terrace.
HDC Provides $320 Million For Affordable Housing [Brooklyn Eagle] GMAP
HDC Announces $320 Million in Affordable Housing Finance [HDC]