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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Tuesday, May 7, 2013

Juliet Morris (HPD) 212-863-5682


HPD COMMISSIONER WAMBUA ANNOUNCES PREFERENCE FOR DISPLACED SANDY VICTIMS AT 50 NORTH FIFTH STREET, A NEW DEVELOPMENT WITH AFFORDABLE HOUSING

Income-Eligible New Yorkers Displaced From their Homes Due To Storm Damage Receive 25% Preference in Lotteries for Low-Income Affordable Housing 

 

Brooklyn, N.Y.— New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua today announced the latest housing development to offer preference to income-eligible New Yorkers displaced from their homes by Hurricane Sandy. Located near the Kent Avenue waterfront, 50 North 5th Street will add a total of 229 units to the Williamsburg neighborhood of Brooklyn, including 46 permanently affordable units created through the City’s Inclusionary Housing program which will be reserved for low-income tenants. Twenty-five percent of the 46 affordable units will be subject to the Sandy preference. These units are subject to a lottery managed by the developer and overseen by HPD. 

50 North Fifth Street is being developed as part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.43 from other sources for a total commitment of more than $21 billion. To date, more than 147,583 units of affordable housing have been funded across the five boroughs, with more than 36,011 units financed in Brooklyn. 

“New Yorkers affected by the storm still have challenges to face,” said HPD Commissioner Wambua. “As long as there is a need and we can help make permanent housing opportunities available for these folks, we will continue to do just that.” 

“With this preference program, HPD continues to offer New Yorkers displaced by Hurricane Sandy great opportunities for permanent, affordable housing, including this location in one of the best neighborhoods in the City,” said Brad Gair, Director of the Mayor’s Office of Housing Recovery Operations. 

50 North Fifth Street is currently accepting applications. Completed applications must be returned by regular mail only and must be postmarked by July 1st, 2013. Qualified applicants will be required to meet income and family size guidelines and additional selection criteria. To request an application, mail a self-addressed envelope to Housing Application, Fifty N. Fifth, C/O 260 Powers Street, Brooklyn, NY 11211, or download an application from www.Fiftynorthfifth.org. As per the City’s affordable housing lottery rules, current and eligible residents of Brooklyn Community Board 1 will receive preference for 50 percent of the units. In addition, income-eligible applicants who can document displacement by Hurricane Sandy and/or its related storms will receive preference for 25 percent of the units. 

Located at 50 North Fifth Street in Williamsburg, Brooklyn, the new development will have a total of 229 units. Of the 229 units, a total of 46 will be offered through the housing lottery and will be affordable to households earning up to 60 percent of Area Median Income (AMI)—equal to a household income of $51,540/year for a family of four. There are a total of 9 studio units, 24 one-bedroom units, and 13 two-bedroom units. There is a preference for qualified households displaced by Hurricane Sandy for 12 units in the building. The anticipated completion date for the development is fall of 2013. 

50 North Fifth Street will have a landscaped interior courtyard, laundry room, bicycle parking on the ground floor, half-court basketball court, fitness center, tenants lounge, and additional patio space on the second floor. The project also includes a yoga studio on the third floor and an outdoor roof deck. 

total development cost for 50 North Fifth Street is $99.4 million. This was a privately financed project that participated in the Inclusionary Housing Program. The Inclusionary Housing Program is designed to preserve and promote affordable housing within neighborhoods where zoning has been modified to encourage new development. In areas where the Inclusionary Housing Program is applicable, a zoning bonus allows increased floor area for multiple dwelling developments in return for the new construction, substantial rehabilitation, or preservation of permanently affordable housing. For more information on Inclusionary Housing, visit http://www.nyc.gov/html/hpd/html/developers/inclusionary.shtml.  

The project is being developed by Area Property Partners and partners. The design team is SLCE Architects. 

The City of New York requires that subsidized apartments be rented through an open lottery system to ensure fair and equitable distribution of housing to eligible applicants. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov

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About the NYC Department of Housing Preservation and Development (HPD)

HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 147,583 affordable homes have been created or preserved. For regular updates on news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing. For more information, visit our website at www.nyc.gov/hpd.

About the Mayor’s Office of Housing Recovery Operations

The Mayor’s Office of Housing Recovery Operations is committed to planning and implementing innovative and effective solutions to the housing needs caused by Hurricane Sandy. Through NYC Rapid Repairs, the City has already completed emergency repairs on more than 17,000 residences. These emergency repairs are free of charge and include the restoration of heat, power and hot water and other limited repairs to protect a home from further significant damage.




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