Affordable Housing PowerPoint

8/9/2019 Affordable Housing PowerPoint

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Brooklyn Arena and Atlantic Yards

Affordable Housing Information Meeting

July 11, 2006


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A $3.5B Redevelopment Projecton a 22-Acre Site

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6,860 Total Residential Units in a Mixed-Use Development- 4,500 Rental Units and 2,360 Condos

50% of Rental Housing ( 2,250 units) to be Affordable to Low , Moderateand Middle Income Families

Development Centered Around Citys 3rd

Largest Transportation HubNew Sports Arena for Nets Professional Basketball Team7+ Acres of New , Public Open SpaceMTA Transit ImprovementsHistoric Community Benefits Agreement

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G eneral Project Plan

Arena: 850,000 ZSFOffice: 1.9 M ZSFResidential: 5.5 M ZSF (6,000 Units)Retail: 227,000 ZSF

Open Space: 7.4 Acres

Arena Office Residential Open Space Retail ( in base of buildings)

Atlantic Yards

Hotel

6,860 Residential Units in 16 Buildings4,500 New Rental Apartments50% of all Rentals ( 2,250 units) for low , moderate and middle income families2,360 Total Condominiums


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Qu ality Residential B u ildings

High-quality construction using Unionlabor

W orld class architecture by Frank Gehry

W ell-designed and efficient living spaces

2 4-hour doormen and lobby attendantsfor service and security

Building amenities for residents such aschildrens playroom , laundry rooms , bikestorage , fitness center

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7 Acres of Open Space

Open and accessible to everyone Active space: Basketball , volleyball , bocce ball , walking and biking pathsPassive space: Benches , reflectingpond , grassy lawn

Landscape design by Laurie Olin

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N eighborhood Retail

Lively and well-maintainedstreetscapes with groundfloor retail in the base of theresidential buildings

Stores and servicesincluding grocery markets , restaurants , book stores , drug stores , cafes , child care center , health clinic


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FC R C/ AC OR N Affordable Ho u sing Program

1. Affordable apartments will be available for a wide range of family incomes(low, moderate , middle).

2 . Rents will be set at 30% of the middle of each income band

3. Units available for a range of household sizes from 1- to

6- persons

4. Approximately 50% of all affordable apartments will be 2 - and 3 -bedroomunits

5 . Affordable rental units are leased through a lottery that is overseen by theCity

6 . All rental units will be rent-stabilized

7. 1 0% of the rental units will be for senior citizens

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600-1

,000additional affordable home-ownership units on- or off-site


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C reating Mixed-Income B u ildings

E ach rental building in Atlantic Yards will be a mixed-income building:

20% Low-Income(families earning between $21,270 to $35,450* based on a family of four)

3 0% Moderate and Middle-Income(families earning between $42,540 to $113,440* based on a family of four, sub-divided into 3 bands)

50% Market Rate(no restriction on family income)

Affordable units will be spread throughout the entire rental building. Affordable units will be built in each phase of construction.

*Incomes subject to change. Income ranges are based on the NYC Area Median Income (AMI). The AMI is set by the U.S. Dept. of Housing and Urban Development.


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Affordable Ho u sing Income Bands

This program provides housing for low , moderate andmiddle income households.

*Note: Income bands are based on the NYC Area Median Income (AMI). The AMI is set by the U.S. Dept. of Housing

and Urban Development. As of April 7, 2006, AMI is $70,900 for a family of four.

Income Bands*AMI Income

Range

Number of

AffordableHousing Units 2,250 Total

Minimum and Maximum Income for a Family of 4

Minimum Maximum

Band 1 3 0-40% 225 units $21,270 $28, 3 60

Band 2 41-50% 675 units $28,3

61 $3

5,450Band 3 60-100% 450 units $42,540 $70,900

Band 4 101-140% 450 units $70,901 $99,260

Band 5 141-160% 450 units $99,261 $11 3 ,440


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E xample - Band 1

Mr. Robbins is a plumber , and Mrs. Robbinsis retired. They are raising their two younggrandchildren.

Their annual income is $ 2 4,8 15 (35% AMI).

Their income and family size place theRobbins family in Band 1 ( 30 -40% of AMI).

The Band 1 monthly rent for a 2 -bedroomapartment would be $ 620, or approximately30% of their monthly income.


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E xample - Band 2

Mr. Martinez is a transit worker , and his wife takes care of their twosons.Their annual income is $ 3 1,9 05 (45% AMI).Their income and family size place the Martinez family in Band 2 (41-

50% of AMI).The Band 2 monthly rent for a 2 -bedroom apartment would be $7 9 7, or approximately 30% of their monthly income.


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E xample - Band 3

Mrs. Lim is an administrativeassistant with two small children.Her husband is unable to work.

Her annual income is $ 56, 720 (80% AMI).

Her income and family size placethe Lim family in Band 3(60 -100% of AMI).

The Band 3 monthly rent for a 2 -bedroom apartment would be$1 ,418, or approximately 30% of their monthly income.


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E xample - Band 4

Mr. and Mrs. James are teachers , and they live with their two children.Their annual income is $ 85,080 (120% AMI).Their income and family size place the James family in Band 4(10 1- 14 0% of AMI).

The Band 4 monthly rent for a 2 -bedroom apartment would be $ 2, 12 7, or approximately 30% of their monthly income.

Image to come


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E xample - Band 5

Mr. Patel is an accountant , and Mrs.Patel is a home health-care worker.They live with their two children.

Their annual income is $1 06, 705 (150% AMI).

Their income and family size placethe Patel family in Band 5 (141 to160% of AMI).

The Band 5 monthly rent for a 2 -bedroom apartment would be $ 2,658, or approximately 30% of their monthlyincome.


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L ottery System

In order to preserve fairness amongst applicants , residents will beselected through a lottery run by ACORN , according to and withoversight from the City.

As mandated by the City , both NYC Dept. of Housing , Preservation , and Development and the New York City Housing DevelopmentCorporation will oversee the lottery.

Residents will be selected at random from a pool of applications , thenchecked for income eligibility.

Per City requirements , preference will be given to residents livinglocally , members of the NYPD , other City of New York employees , aswell as mobility-impaired , sight-impaired and hearing-impaired people.


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T imeline

E nvironmental review process has started

Construction of the first residential building(s) begins in 2008

Marketing begins and applications made available inearly 200 9 for the first rental building(s)

Building(s) available for occupancy anticipated to be mid- 20 10

Final building complete in 20 16

F or more information, please visit www.atlanticyards.com

Documents

Affordable Housing PowerPoint