Sunday, January 30, 2011

New York's New Housing Marketplace Plan

In 2003, New York City's Mayor Bloomberg announced the creation of the New Housing Marketplace Plan (NHMP), the goal of which is to make at least 165,000 affordable housing units available by 2014. Some of those units will come from remodeled, existing structures. Others will come from projects like Hunter's Point South, which is - so far - the most ambitious project undertaken as part of the NHMP.
Plans for New York City's largest housing development project since the 1970s are moving forward. The project is called Hunter's Point South, and it includes a total of 3,000 housing units.
The New York City Department of Housing Preservation and Development released a Request for Proposal late last year for several phases. The first two sites to be developed will include a new school, about 22,000 square feet of retail space, lots of parking, and about 1,000 housing units. About 600 of those units will be affordable housing for families with incomes ranging from $63,000 to $130,000 (for a family of four).
Until last summer, the 30-acre site being used for Hunter's Point South belonged to the New York State Economic Development Corporation. Several plans for developing the site had been considered and scraped over the years until it was finally purchased by New York City for $100 million. Previous plans included making it the site of New York's Olympic Village for the 2012 Olympics. Unfortunately, the honor hosting the 2012 Olympics fell to London, England.
The site was being prepared for construction at the end of last year. Development of the infrastructure is expected to start early this year.
To date, the New Housing Marketplace Plan has resulted in the creation of over 100,000 affordable housing units and is considered one of the most effective in the United States.

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