Yes, dreams do come true in Brooklyn, and so does affordable housing. The proof is in the pudding, located just outside the A/C/G Hoyt Schermerhorn stop. Out of a total of 375 total units, the 25 story project will contain 74 “affordable” units. The remainder are expected to be residential condos. As an interesting twist, the regulatory agreement filed in ACRIS states the owner receives a LIHTC (Low Income Housing Tax Credit) and a 421-a tax benefit. The same units can be applied to both tax programs to meet eligibitily requirements. This practice has been criticized as double dipping taxpayer dollars.
At the time of our speedy transition from the 5 train to the A train, the 25 story structure appeared nearly complete. The construction shed was still erect during out passage through. If you’re looking to get into the affordable housing lottery, the lottery for these 74 units closed on October 31, but there are many other opportunities throughout New York.
Next door to the construction is another project, 211 Schermerhorn Street. This is a 14 story, 48 unit building according to DOB records. Unlike its neighbor, there is no regulatory agreement on file that would indicate affordability. We’ll report back the next time we find some…out there.