Two Affordable Housing Developments Planned in Bed-Stuy

I think that this could be a good thing... I really hope that the right kind of families move into these condos. Iam just worried about nice older women with grandsons that are "Pharmacist"

Posted by: guest at January 17, 2008 11:23 AM

Affordable housing shouldn't make people anticipate the worst. Many of the other large cities in the country require all their new, big apartment developments to set aside a certain number of affordable rental apartments. It's something that seems will be more and more common in Brooklyn too, to address the lack of middle-income housing.

Posted by: guest at January 17, 2008 11:37 AM

I think this is a great idea/opportunity for the neighborhood. While people are being pushed out of their homes because they can't afford the rent or to purchase a home this will give them another chance to stay close to home.

Posted by: guest at January 17, 2008 11:46 AM

It does sound good. But the question is what constitutes affordable? A single person making $55,000 a year w/loan debt wouldn't qualify for a loan on a market rate apartment in Bed Stuy, but also wouldn't qualify for "affordable" housing.

Posted by: guest at January 17, 2008 11:54 AM

What are affordable price ranges for condos in NYC. Anyone knows?

Posted by: guest at January 17, 2008 12:04 PM

I'd love to work on the design of these projects. I'm an architect and live in the area. Anyone have any thoughts about how to get in touch with the Goldman Sachs Urban Investment Group?

Posted by: guest at January 17, 2008 12:14 PM

That would be the big question I know people in Bedford Stuyvesant that make 1 mil, 100k, 50k and 25k a year. So what would affordable housing be in BS?

Posted by: guest at January 17, 2008 12:15 PM

Fulton Street needs help BAD anything that would help this street is a good thing... I think Bedford Stuyvesant Fulton Street is one of the ugliest streets in NYC. I live 2 blocks away from Fulton street and I only use it for the A/C... It seems like Fulton takes a nose dive for the worse once you pass Washington Ave...

Posted by: guest at January 17, 2008 12:19 PM

Fulton street is a planners dream street the bones are there just needs to be loved...

Posted by: guest at January 17, 2008 12:20 PM

Actually, brookelen, the "Area" in Area Median Income is defined by the federal Department of Housing and Urban Development as the entire metropolitan area. It was around $77K for a family of four, the last time I checked. However, as you point out, "Affordable housing is defined by the City as a % of the Area Median Income." Some programs dictate what the % will be, others are more flexible.

Posted by: guest at January 17, 2008 12:43 PM

I find it strange that the same company, Goldman Sachs, partly responsible for backing and selling dubious loan securities based on the inability of people to afford their mortgage, are the same jerks trying to build affordable housing in Bedford Stuyvesant.I think maybe their conscious is getting to them!

Posted by: guest at January 17, 2008 1:06 PM

1:06 I think you meant 'conscience', not 'conscious'. but you can believe they are not being guiltily altruistic -- there's definitely some money angle for them somewhere -- maybe a kind of juicy tax break? Firms like Goldman Sachs NEVER give somethin' fer nuthin'.

Posted by: guest at January 17, 2008 1:25 PM

1:06 GS was the only major bank to NOT back those loans. Be accurate.

Posted by: guest at January 17, 2008 1:34 PM

"Goldman pushed and shorted mortgage junk simultaneously":

http://www.gata.org/node/5799

Posted by: guest at January 17, 2008 1:49 PM

1:49 you beat me to it

yes 1:34 that is exactly what they did

good ol hank paulson running the treasury

they are the biggest crooks in the world

and karma will get those greedy slimeballs

Posted by: guest at January 17, 2008 1:52 PM

Goldman Sachs is behind another Brooklyn development of "mixed use rental and condominium housing" in what they call "Cobble Hill West." (i.e. next to the BQE)

http://www2.goldmansachs.com/services/investing/private-equity/urban-investments/real-estate/cobble-hill-west.pdf

Brownstoner, have you covered it?

Posted by: guest at January 17, 2008 2:04 PM

So I have a question. If I buy one of the affordable units and then I want to sell it for a higher price, can I do that? Or are there any restriction to selling your apartment aswell.

Posted by: guest at January 17, 2008 2:37 PM

2:37,

There is very strong chance that there are going to be resale restrictions for a certain time period, often it's at least five years.

Also AMI is not measured by a particular neighborhood but by the city as a whole. Low-Income is defined by HUD as being 80% of AMI.The levels for what constitutes AMI are adjusted each year and also adjusted for family size so that AMI for a famiy of four will be different than for a single person.

Posted by: guest at January 17, 2008 3:01 PM

You can never win. If Goldman Sachs makes profits then they are greedy slimeballs but if they try to invest in building up the neighborhoods of New York and spend those profits in an interesting way that has a social impact, then they are just clearing their guilty conscience. As a resident of Bed-Stuy, I personally applaud both Goldman Sacks and BRP for the work they are doing!

Posted by: guest at January 23, 2008 3:37 PM

I have seen some of BRP's other developments and they look pretty nice. They are almost done with a building at Myrtle and Clermont. Does anyone know when they will start selling or what the prices are?

Posted by: guest at January 23, 2008 3:40 PM