Nearly two years after unveiling its $20 million Housing Asset Renewal Program, the city announced Tuesday that it has closed on its first deal to convert a stalled condo project in Brooklyn into affordable housing units.
The project at 382 Lefferts Ave. was designed as a 26-unit condo building, but like many others it hit the rocks during the financial collapse in the fall of 2008. Under HARP, the building will now become a 46-unit affordable rental building, open to renters with an annual income of up to $55,000 for a single person, or $79,200 for a family of four. The project is now expected to be completed in 2013. (Continue Reading...)
No comments:
Post a Comment