Three Brooklyn Projects Receive State Financing
541 units of affordable housing will be created in Dumbo and Downtown Brooklyn as part of a financing package from the state, reports the Brooklyn Eagle. Specifically, 388 Bridge Street, which has been mired in environmental issues for the last year and a half, received $94.6 million in financing; 47 of the 234 units will…
541 units of affordable housing will be created in Dumbo and Downtown Brooklyn as part of a financing package from the state, reports the Brooklyn Eagle. Specifically, 388 Bridge Street, which has been mired in environmental issues for the last year and a half, received $94.6 million in financing; 47 of the 234 units will be set aside as affordable. 25 Washington, the Two Trees conversion in Dumbo, got $22.2 million and as part of the deal will make 21 out of 106 units affordable. Finally, 29 Flatbush, a 333-unit, 44-story multifamily apartment building, received $99 million and will make 67 units affordable. The package comes from the New York State Homes and Community Renewal which aims to decrease red tape, increase the efficiency of housing projects while reducing costs.
State Funding for Three Brooklyn Devos [Brooklyn Eagle]
wrong on first count, right on second
have to have a secondary market for home mortgages
90% of multi family in europe is govt. built, no comparison
with USA is helpful
40,50 year mortgage in israel, japan, totally different
Bkre vet;
Calm down, will ya!?
Frankly, I can’t take any of your arguments seriously after you make the following two statements:
“FANNIE AND FREDDIE HAVEN’T COSTED ANYTHING… YET”
Oh really? I guess the newspapers have been lying.
“WITHOUT FANNIE AND FREDDIE YOU WOULD NOT HAVE A MORTGAGE MARKET IN THE UNITED STATES DUDE”
Oh really again? Gee, just how do other countries manage without a Freddie or Fannie? Are you serious?
benson, sorry to shout. i did affordable housing, 1000 units, so care about it and most posters have zero idea of what is involves and what it is like getting it done and what the numbers mean no idea….. sorry to shout, just so frustrated with this dialogue
Bk RE vet;
which is: why is the state using its credit to finance these projects, when the private sector can build units for less, and with private sources of finance? THE PRIVATE SECTOR IS BUILDING THESE UNITS ACTUALLY AND PRIVATE FINANCE IS NOT CHEAPER, NOT TRUE
WHY IS STATE? TO GET THE F…ING. AFFORDABLE UNITS IN DOWNTOWN BK, THATS WHY AND TO HELP MAKE STUFF HAPPEN IN THE HARDEST ENVIRONMENT TO FINANCE MULTIFAMILY IN 50 YEARS
As to the lack of risk to the state and city’s finances by backing these bonds, I have two responses:
-New York State is in no fiscal condtion to take on new obligations, explicit or implied. CAN’T DISAGREE WITH THAT! BUT NEVER STOPPED THEM
-The same thing was said about Fannie and Freddie a few years back, by those who had an interest in its mission. And how much did that wind up costing the US taxpayer?
FANNIE AND FREDDIE HAVEN’T COSTED ANYTHING… YET
WITHOUT FANNIE AND FREDDIE YOU WOULD NOT HAVE A MORTGAGE MARKET IN THE UNITED STATES DUDE
Bk RE vet;
Writing in all caps is not impressive. Nothing you have said above challenges my points, which is: why is the state using its credit to finance these projects, when the private sector can build units for less, and with private sources of finance?
As to the lack of risk to the state and city’s finances by backing these bonds, I have two responses:
-New York State is in no fiscal condtion to take on new obligations, explicit or implied.
-The same thing was said about Fannie and Freddie a few years back, by those who had an interest in its mission. And how much did that wind up costing the US taxpayer?
YOU GUYS SHOULD LOOK INTO HOW THIS STUFF IS FINANCED TO LEARN THAT THE STATE FLOATS BONDS AND ADDS A CREDIT GUARANTEE TO LOWER THE RATE. NOT STATE MONEY. AND FIND ME A SINGLE 80/20 (AS THESE ARE CALLED) THAT HAS DEFAULTED. AND THE LEGAL PAPERWORK/PROTECTIONS ARE HUGE AND POWERFUL. NEW YORK STATE AND CITY ARE THE MOST SOPHISTICATED AFFORDABLE HOUSING GOVTS IN AMERICA AND KNOW WHAT THEY ARE DOING.
39,000 FOR FAMILY OF FOUR MAX MEANS A NURSE OR SUBWAY MOTORWOMAN WITH KIDS 125 COURT HAS TRANSIT PERSONNEL IN THE BUILDNG IN SOME OF THE AFFORDABLE UNITS
CHECK THIS STUFF OUT BEFORE YOU COMMENT, THESE COMMENTS ARE SO UNIFORMED
Benson: Your last paragraph makes an important point, though I approach it from an entirely different direction. It’s Two Trees that needs and wants the state’s money, in exchange for which they throw (allegedly) the bone of 21 “affordable” units. The developer’s luxury housing winds up subsidized by the taxpayers, at minimal benefit to the general population. And the affordable units, they often get radically altered, delayed or even eliminated in the course of project completion. Going offline and back to work for my neighbor Joe B.
I have the feeling the developers need this money and are obligated to do something in return.Too often they make promises they don’t keep, despite the money. Ratner is a case in point. The reality is that developers will build luxury housing- they’re businessmen. They want to spend the least and make the most profit- perfectly understandable. But they want tax abatements and breaks, and low interest loans- also understandable. So why shouldn’t they give something back in the form of affordable housing?
A number I would like to see is what is the 10 year net cost(or income) of these programs compared the number of affordable units they lead to.
I can’t really make a judgment on how effective the program is based on the amount of money they loan out.
At a minimum, I’d like to see total administrative costs, grants, loan defaults losses, and interest payments over an extended period of time.
The total amount of loans outstanding would also be good.