Photo: Aufgang Architects
The new Queens development is the first project under the City’s new $350 million program to finance affordable apartments for low-income seniors. When it is completed in 2017, the seven-story, mixed-use development will provide apartments for 154 low-income seniors, including 46 formerly homeless seniors.
This project is among 20,326 affordable homes financed under the initiative within the last fiscal year.
Almost half of all New Yorkers are hovering around the poverty line, and more than half of renters are rent-burdened, which means they spend more than a third of their income on rent. This development will help to ease that burden for our senior citizens: not only will the development be affordable, it will also provide on-site social services–an innovation of the Housing New York Plan.
Housing Development Corporation President Gary Rodney explained why the development is so crucial.
“Our seniors represent the fastest growing segment of New York City’s population, and the most vulnerable to the rising costs of rents,” he said.
The new development was also specially designed to meet resiliency standards in the aftermath of Superstorm Sandy. This is in line with the City’s infrastructure goals, which have been a hot button issue since the Brooklyn sinkhole earlier this month and the East Village explosion in March.