Stalled PLG Site to Become Affordable Rentals

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    The Times, Crain’s and The Eagle report that the lot at 382 Lefferts Avenue, which was envisioned as a 26-unit condo in 2007 and then became a stalled construction site a year later, is the first project in the city where a deal’s been hammered out to build moderate-income housing under the Housing Asset Renewal Program. Under the program, which was announced a couple years ago but until now has not resulted in bringing back any developments from the dead, the building will be a 46-unit rental in which the maximum income a family of four can earn to get an apartment is $79,200. According to Crain’s, the apartment building is supposed to be finished in 2013 and the deal with the city involved the city giving the developer a subsidy of $3 million after its lender agreed to restructure its loan on the project.
    Deal on Stalled Condo Project Is First Under a City Program [NY Times] GMAP
    In First, Stalled Condos Reborn as Cheap Rentals [Crain’s]
    State Agency Funds Affordable Housing Development [Eagle]
    Rendering from The Eagle.

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