First affordable development comes online in Williamsburg.Mayor Michael R. Bloomberg and state assembly member Vito J. Lopez announced last week that the City will provide up to $8 million in capital funds and the City and State will generate $17 million in housing tax credits for Phase I of the construction of 117 units of affordable housing for low- and moderate- income families at Palmer's Dock in Williamsburg, Brooklyn Williamsburg is a neighborhood in the New York City borough of Brooklyn, bordering Greenpoint, Bed-Stuy, and Bushwick. . Palmer's Dock is the first waterfront development resulting from the rezoning of the area. The Greenpoint-Williamsburg rezoning opened two miles of waterfront to create 54 acres of open space, including a continuous public esplanade and a 28-acre park. The plan called for the creation of 10,800 new units of much-needed housing, 3,500 of which will be affordable due to inclusionary zoning Inclusionary zoning, also known as inclusionary housing, refers to city planning ordinances that require that a given share of new construction be affordable to people with low to moderate incomes. . "Our administration has looked to underused and abandoned stretches of our City's shoreline as the source of new affordable housing, new parks New Parks is an area in the city of Leicester, England. It is in the west of the city, close by the county border (west of which is Glenfield. South of New Parks is the Western Parks area, and to the east is the Newfound Pool area. , and thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. new businesses--the keys to a greater New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," said Mayor Bloomberg. "The affordable housing at Palmer's Dock is part of the most ambitious and successful effort in actually creating affordable housing in a quarter century." The 117 affordable units in Phase I at Palmer's Dock are a part of the approximately 900 units to be built for the development. Construction of the units, located at 164 Kent Ave., is to begin in August 2006 and is scheduled to be completed in 2008. Palmer's Dock is a joint venture partnership between L&M Equity Participants and Dunn Development. The New York State Department of Housing and Community Renewal is providing $11 million in low income housing tax credits and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Department of Housing Preservation and Development is allocating $6 million in low income housing tax credits and up to $8 million in HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu) HPD Housing Preservation and Development HPD Housing Preservation and Development (New York City Department) funds for the project. In addition, Mayor Bloomberg and assembly member Lopez announced the completion of a $47 million low-income rental building at Schaefer Landing in Williamsburg. The Schaefer Landing development will include 350 apartments in two buildings, 140 of which will be low-income rental units and 210 will be market-rate condominiums. |
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