NYC Announces $100 Million Property Purchase
New York City took a big step toward creating the largest middle-income housing developments since the 1970s.
The development is expected to bring 5,000 new units of housing, the majority of which will be reserved for moderate- and middle-income families.
To accommodate this project, the city announced the $100 million acquisition of 30 acres at Hunter's Point South in Long Island City. It is expected that of the 3,000 affordable units planned, 1,000 will be for families with incomes at 80 percent of the Department of Housing and Urban Development income limit. Another 1,000 units will be for families at the 130 percent income limit, and the last 1,000 for those at 165 percent of the income limit.
The development is expected to bring 5,000 new units of housing, the majority of which will be reserved for moderate- and middle-income families.
To accommodate this project, the city announced the $100 million acquisition of 30 acres at Hunter's Point South in Long Island City. It is expected that of the 3,000 affordable units planned, 1,000 will be for families with incomes at 80 percent of the Department of Housing and Urban Development income limit. Another 1,000 units will be for families at the 130 percent income limit, and the last 1,000 for those at 165 percent of the income limit.
posted by Donna Kimura at 5:05 PM
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