Posted Oct 11, 2023, 6:59 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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I wish people in the media would forget the words “mega” and “supertall”. They have no understanding of the concept.
https://www.thecity.nyc/housing/2023...nter-hud-funds
Boost for 5WTC Megatower: $31 Million in Shifted Jobs and Parks Funds
HUD OKs move of remaining post-9/11 World Trade Center recovery dollars into affordable housing, as developers ready the first residential tower at Ground Zero.
BY GABRIEL POBLETE
OCT 11, 2023
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A planned supertall apartment tower at Ground Zero is poised for a potential $31 million government funding boost — using money designated after 9/11 for lower Manhattan job creation and waterfront improvements.
The U.S. Department of Housing and Urban Development last month approved a proposal by the Lower Manhattan Development Corporation to redirect $21 million from a joint state/city jobs program and about $10 million from waterfront funds for unspecified “affordable housing” purposes.
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State officials had argued that a 100% affordable tower was not financially feasible and provided estimates that constructing such a project would require $900 million in government subsidies.
Before HUD approved the funding shift from jobs to housing, two local lawmakers had urged LMDC to direct those dollars toward affordable housing at 5WTC. In Sept. 7, U.S. Rep. Dan Goldman (D-Manhattan/Brooklyn) and state Sen. Brian Kavanagh (D-Manhattan) sent a joint letter to LMDC President Daniel Ciniello.
“We understand from discussions between LMDC staff and our offices that the reallocation of funds LMDC is now proposing would be consistent with using these funds to increase residential affordability at 5WTC,” the reps wrote. “We urge you to continue to work with us and the relevant federal and state agencies to achieve this goal.”
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Mariama James, one of the cofounders of the Coalition for a 100% Affordable 5WTC, grew up in Lower Manhattan. She said the neighborhood, where residents were once few and concentrated largely in middle-income, racially diverse developments such as Independence Plaza and Gateway Plaza, has changed into an overwhelmingly affluent and white population.
“As I was growing up here, we had multimillionaires, we had superstars that you could bump into on the streets, Sarah Jessica Parker, Robert De Niro,” she said. “But we also had starving artists, and everyone could afford to live together. That’s not the case anymore.
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Of the $31 million HUD recently approved for affordable housing, $21.3 million had previously been allotted to the lower Manhattan Job Creation and Retention Program, designed to assist businesses that agreed to stay in or relocate to lower Manhattan.
Another $2 million is getting reallocated from East River Waterfront Access, which the LMDC described as “completed and fully funded project,” in addition to $8.2 million getting reallocated from Pier 42 on the Lower East Side, which EDC is transforming into a park. LMDC asserts that sufficient funds are available elsewhere in its development programs to ensure Pier 42 gets done.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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