Development Watch: FAC In Red Hook
When we last checked in on the development site at 79 Wolcott in Red Hook in September, the foundation had been poured and the cinderblock walls had just started to rise. This project is being done by the Fifth Avenue Committee (which recently received attention for its library plan) and 1/3 of the units are…
When we last checked in on the development site at 79 Wolcott in Red Hook in September, the foundation had been poured and the cinderblock walls had just started to rise. This project is being done by the Fifth Avenue Committee (which recently received attention for its library plan) and 1/3 of the units are being sold to low-income buyers. Anyone know when they’re going to start marketing these?
Development Watch: Red Hook’s 79 Wolcott [Brownstoner] GMAP
Wow!!! nyguy were do I fit in as an asian cat who recently ‘won’ an affordable housing lottery in Clinton Hill? Oh…I get it, you probably don’t mind living next to me because I am a ‘good’ minority as opposed to the blacks and latinos who are looking for affordable housing to raise their families like everyone else in the city. Here’s hoping my bi-racial babies don’t catch your kids ‘cooties’ in the ‘sandbox of life’.
to the first person on the comment list heres some info for you, the majority of poor people in this country that are living just above the poverty line is WHITE.
Answer to anonymous @3:30 on 11/20:
When affordable housing developers say that a portion of a project is going to be “market rate”, what they usually really mean is that the sales price is going to be unrestricted by goverment programs, and that they will sell them for whatever the market will bear. Which will be reflective of the usual things that determine pricing, plus the particular nature of the property. So, the “market rate” for the FAC units will probably be less than the going market rate for property without the affordable mix.
And “AMI” stands for “Area Median Income”. It’s set annually by HUD, and varies by household size. This year, for a family of 4, median income is 70,900.
nyguy, you’re a douche. You’re what’s wrong with this city and this whole fucking planet, you child. Why don’t you either go to college, or move to Austria and grow a little Hitler mustache.
Can someone please remove that post so the adults in the room can attempt to have a conversation?
What’s AMI?
Just out of curiosity, who’d pay market rates to live there when two-thirds of the units are going to be sold for much less?
FAC’s Red Hook Homes project is 60 units of affordable mixed-income affordable coops. It is the largest affordable homeownership project in Red Hook’s History. 1/3 of the units are being sold to low-income folks at 50% of AMI, 1/3 of the units to low/moderate income folks at 80% of AMI and 20 units to middle income folks at around 200% of AMI.
Marketing has not officially begun nor has the lottery occured. Community outreach has been on-going and applications are available through FAC’s website http://www.fifthave.org or by coming to our offices at 621 DeGraw Street between 4th and 3rd.
Hope that clarifies some things.
Actually it’s 1/3 low income, 1/3 middle income, and 1/3 market rate. As far as I understand the units are being sold by lottery, for which the applications have already been accepted. The deadline was back in October.
Low income buyers? That sucks!!
So 1 third will get it for 1 price and 2 third’s will have to pay full price?
i’ll tell you there’s too many programs for these blacks and spanish .
Now i know that comment will cause some shit here ,but it’s the truth and you all know it