Public Hearing Scheduled for 80 Dekalb Financing

Today the Eagle reports that funding for the affordable housing units in one of Forest City Ratner's Brooklyn projects is looking more promising than it is for Atlantic Yards. The 34-story rental tower, as rendered above, will probably receive tax-exempt and/or taxable multifamily housing revenue bonds for 80 Dekalb's construction “not to exceed $109,500,000” from the Housing Finance Agency, which is having a public hearing about the matter on April 15th. The entire project is supposed to cost around $204 million, and at least 35 20 percent of its 365 apartments are going to be set aside as affordable rentals. As the photo on the jump shows, after a slow period last fall, work on the foundation is in full swing.
Forest City Ratner Seeks Bonds for Affordable Units [Brooklyn Eagle]
Development Watch: 80 Dekalb Avenue [Brownstoner] GMAP

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"The 34-story rental tower, as rendered above, will probably receive tax-exempt and/or taxable multifamily housing revenue bonds."

F that! The Rat (and the rest of these developers) have been milking the City's teet for far too long. Make them pay taxes too. They'll still build it, I promise. Make 'em build a school or two and some compensation to the MTA as well.

Sincerely,
Sick of Tax Shelters for Developers

Posted by: guest at April 3, 2008 11:50 AM

Bond financing is done for the next year at least.

This project may get constructed, but it won't be operated under the 80/20 program or anything similar.

On a plus side, equity investors are thinking NYC apartments are great investments right now.

Posted by: Polemicist at April 3, 2008 12:45 PM

work has been in this state for a loooooong time now - no real progress there for a while. financing locked up last week for beekman tower, now fcr is locking up the buckage for this one, then on to AY. machine.

Posted by: BrooklynLove at April 3, 2008 1:18 PM

I hope the bum goes bankrupt. Truly.

Posted by: guest at April 3, 2008 3:07 PM

Hey "Sick of Tax Shelters for Developers"

Do you even know what tax exempt or taxable bonds are?

Why don't you school yourself before you continue to embarass yourself with your severe lack of understanding of real estate finance?

Sincerely,
Sick of Ignorant Brownstoner Guest Postings

Posted by: guest at April 3, 2008 3:42 PM

"Make them pay taxes too. They'll still build it, I promise."

Well, that settles it! Since the anonymous Brownstoner poster promised, I guess that means we can take it for granted!

Posted by: guest at April 3, 2008 5:08 PM

when 2020? so 72 1 bedroom apts @ $3000 each

Posted by: guest at April 3, 2008 11:59 PM

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April 3, 2008

Public Hearing Scheduled for 80 Dekalb Financing

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