More than 70,000 applications poured in from families hoping to land one of 38 units at the Frost Street Apartments under construction in Brooklyn.
The $12.9 million affordable housing property, which has a total of 47 apartments, is being built near McCarren Park in the Williamsburg neighborhood.
The applications will go through a review process, with eligible applicants receiving responses beginning in March, according to the New York City Department of Housing Preservation and Development (HPD). The lottery deadline was Dec. 22.
All of the agency’s housing lotteries receive a large response, but location tends to be a significant factor in developments that are as heavily in demand as the Frost Street development.
It’s also worth noting that an automated lottery system has made it possible for New Yorkers to fill out a single online profile that can be saved and used to apply to multiple new affordable housing developments.
The Frost Street project is being built by Dunn Development, an experienced affordable housing developer in New York.
Twenty-three units will be affordable to households earning up to 50 percent of the area median income (AMI). Fourteen units will be affordable to households earning up to 60 percent of the AMI, and nine will be affordable to households earning up to 80 percent of the AMI. One unit will be set aside for a superintendent, according to HPD.
Thirty-eight apartments were advertised as part of the city lottery system. Rents start at $640 for a studio and $835 for a two-bedroom apartments. Eight apartments are set aside to provide independent living opportunities for adults with developmental disabilities who will have access to on-site support services.
A city official adds that the response from hopeful renters demonstrates the importance of Mayor Bill de Blasio’s goal to finance the creation and preservation of 200,000 units under the Housing New York 10-year plan.
Financing for the project includes federal and state low-income housing tax credits. Partners include JPMorgan Chase Capital Corp. and JPMorgan Chase, the New York State Homes and Community Renewal.