New York City Housing Authority plans mixed market-rate for affordable tower
New York- The New York City Housing Authority (NYCHA) is bringing market-rate housing to the area with a mixed-use project slated for LaGuardia Houses on the Lower East Side.The Towers in the Park plan will help raise revenue to improve outdated infrastructure and fulfill important maintenance needs.
NYCHA recently announced its intentions to develop a mixed-income tower on a Madison Street parcel between Rutgers and Jefferson Streets. This plot of land is currently occupied by parking spaces and a trash compactor. The housing authority is calling for a 35-story skyscraper that contains as many as 500 apartments. Half of these units would be market-rate while the other half would be set aside for residents earning, at most, 60 percent of the area median income, or $51,540 for a family of three.
A request for proposals (RFP) will be released next fall or winter. The city will select a winner in spring 2018, with the decision being based largely upon how closely the developers reflect the concerns of the community. Once the developer is chosen, NYCHA will begin a participatory budgeting process where residents will provide feedback on improvements most needed at LaGuardia Houses, which is the agency that is committed to designating half the revenue from the new development into infrastructural upgrades in the public houses complex.The development requires roughly $70 million to complete these improvements, with construction being planned for 2019.