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Affordable Housing Project Launched In Lower
Manhattan
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JULY 21ST, 2003
A new
affordable housing program is breaking ground in Lower
Manhattan.
Governor George Pataki, Mayor Michael
Bloomberg and Secretary of Housing and Urban Development Mel
Martinez announced the $50 million project Monday. It's
expected to create more than 300 affordable units for working
families who earn between $50,000 and $85,000 per year.
A HUD grant allocated to the Lower Manhattan
Development Corporation was partially reallocated for the
housing program.
“Fifty million dollars will be
distributed to developers who want to begin new residential
projects in Lower Manhattan,” said Bloomberg. “Part of the
terms are they are required to reserve 20 percent of each
project for affordable housing. We estimate that these funds
will build approximately 315 housing units for working
families with incomes of $50,000 to $80,000.”
“This
will mean well over 300 new apartments and new units for our
firefighters, our police officers and our school teachers, who
not only provide such tremendous services here in Lower
Manhattan, but who now will have the opportunity to live in
Lower Manhattan as well.”
The grant will be
administered by the LMDC, which says as many as 40 percent of
all downtown apartments were vacant in the months right after
September 11, 2001.
Nearly $3 billion in federal aid
has helped the effort to stabilize the area and draw people
back. Part of that effort includes this initiative, which is
open to all developers willing to begin new residential
projects and reserve 20 percent for affordable housing in the
so-called “Liberty Zone” south of Canal Street and east of
Broadway.
“It is going to provide a place for
teachers, for policemen, for firefighters, for the people who
make a community tick to be able to live also where they
work," said HUD Secretary Mel Martinez.
While
politicians clearly are pleased with the announcement, some
advocates say it really is a lot of rhetoric and doesn't
address reality.
“This plan only goes for moderate
income, which is great. There's definitely a need for middle
income New Yorkers and middle income families and their
housing. But what about the low income New Yorkers, the ones
who are working two or three jobs, the 300,000 people who are
unemployed right now?" said Bettina Damaini of Good Jobs New
York.
Some experts say while that point is valid, it's
better the money stay in New York than go back to Washington
D.C.
“Although this program isn't going to directly
assist people who are earning very low incomes, I believe more
housing in this city - for any income group - is a good
thing," said Mike Schill, an NYU Law professor.
The
mayor says the city is making good progress on other projects,
citing 1,800 units already under construction downtown, with
more than 8,000 slated to be started in fiscal year 2004.
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