Two Affordable Projects in Brooklyn Salvaged by State
Market-rate condos and brownstones aren’t the only housing threatened by the economic downturn—a decline in the value of Low Income Housing Tax Credits has meant trouble for affordable projects. At least two such projects, though—a 59-unit development in Bushwick call Rheingold Heights II and the 72-unit Domenech Senior Housing in Brownsville—have been preserved by special…
Market-rate condos and brownstones aren’t the only housing threatened by the economic downturn—a decline in the value of Low Income Housing Tax Credits has meant trouble for affordable projects. At least two such projects, though—a 59-unit development in Bushwick call Rheingold Heights II and the 72-unit Domenech Senior Housing in Brownsville—have been preserved by special emergency funding from the New York State, reports the Brooklyn Eagle; an addition 13 projects around the state were also saved.
How about all that land down in RedHook. Can we get some affordable housing down there? Who wants to move to Bushwick?
That is good news. I don’t think we want to be a society that can bail out clueless, greedy executives, and drop developments for poor senior citizens because we can’t afford them. In the grand scheme of things, finishing these projects is a drop in the bucket in an enormous budget. I would rather my tax dollars went here, thank you.