New Yorkers Displaced by Sandy to Get Preference on Housing Lottery
By Ivan Pentchoukov On February 20, 2013 @ 10:03 am In New York City,Real Estate | No Comments
NEW YORK—New Yorkers displaced by Hurricane Sandy will receive a 25 percent preference in the affordable housing lotteries overseen by the city’s Department of Housing Preservation and Development (HPD). As with other HPD lotteries, applicants have to meet income requirements. One of the first developments affected by the preference is Brooklyn’s Coney Island Commons, a $79.5 million project developed by Kretchmer Companies and partners.
“It’s an imperative to provide relief to those most in need,” HPD Commissioner Mathew Wambua stated in a press release. “Every effort we make to connect those displaced by Sandy to interim or permanent housing is another step in regaining stability and moving the recovery process forward.”
Subsidized apartments in New York City must be rented through an open lottery system “to ensure fair and equitable distribution of housing to eligible applicants,” the press release states.
Coney Island Commons is anticipated to complete this summer and will feature a gym, pool, fitness facility, and youth programming run by the YMCA.
Coney Island Commons is part of Mayor Michael Bloomberg’s New Housing Marketplace Plan (NHMP), an affordable housing initiative aimed at financing 165,000 units of affordable housing by the end of 2014. The plan leverages $3.43 in private funds for every dollar invested by the city.
To check eligibility requirements and download the application form visit Coney Island Commons.
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