PLAYING POLITICS

WITH AFFORDABLE
HOUSING
The Impact of the Governors Proposal for Bond
Financing on Black, Latino and Asian Neighborhoods

T HE N EW Y ORK
C ITY C OUNCIL

BLACK,
LATINO, AND
ASIAN
CAUCUS
ROBERT
RITCHIE
CORNEGY, JR. TORRES
Co-Chair
Co-Chair
36TH
District Brooklyn

15TH
District Bronx

212-7887354

212-7886966

Playing Politics with Affordable Housing:

The Impact of the Governors Proposal for Bond
Financing on Black, Latino and Asian Neighborhoods
The Governor's proposal would politicize the process of developing affordable housing to
an extent not seen since the reign of Robert Moses who, in his prime, had the kind of
sweeping veto power over NYC affordable housing that the Governor is now
seeking. Combined with a declining volume cap for NYC, the Governor's proposal would
allow for an effective state takeover of the City's housing plan--by redistributing bond
financing from the Mayor's plan to his own and by micromanaging every single affordable
housing transaction that requires bond financing. If enacted, this proposal--intrusive and
capricious in the extreme--could deprive communities of color of billions of dollars in
public and private investment in their own housing stock. Enclosed is a list of affordable
housing projects, in BLAC Council Districts, that could be either endangered by declining
volume cap or vetoed by the State. When it comes to affordable housing in the pipeline,
the Governor's proposal, in 2016 alone, would create financial uncertainty for over
9,000 units of affordable housing and more than $1.2 billion of bond financing.
The BLAC sees no value in slowing down--or worse, sabotaging--affordable housing
development with a new layer of arbitrary approvals. Indeed, as far as we can tell, the
Governor's proposal has nothing resembling a rational basis in public policy: it amounts to
little more than an exercise of raw political power over the City and one that we, as
members of color, stand united in opposing.

2016 Potential Volume Cap Deal By Borough*

Borough
Brooklyn
Bronx
Manhattan
Queens
Staten Island
Total Citywide

Total Sum of Units

2,159
3,939
1,897
1,192
364
9,551

Total Sum of Volume Cap

$347,830,000
$487,751,000
$233,510,000
$129,170,000
$47,800,000
$1,246,061,000

2016 Potential Volume Cap Deal By City Council District*

Council
District
1
8

Council Member

Sum of Units

Sum of Volume Cap

Margaret Chin
Melissa Mark-Viverito

256
860

$20,000,000
$110,410,000

Inez Dickens

656

$84,100,000

10

Ydanis Rodriguez

125

$19,000,000

14

Fernando Cabrera

893

$80,000,000

15

Ritchie Torres

248

$39,010,000

16

Vanessa Gibson

252

$43,500,000

17

Rafael Salamanca

2399

$295,241,000

18

Annabel Palma

147

$30,000,000

20

Peter Koo

232

$51,670,000

27

I.Daneek Miller

960

$77,500,000

34

Antonio Reynoso

119

$21,300,000

35

Laurie Cumbo

301

$28,950,000

36

Robert Cornegy

560

$58,230,000

41

Darlene Mealy

280

$60,270,000

42

Inez Barron

899

$179,080,000

49

Debi Rose

364

$47,800,000

*These numbers only include BLAC Council Districts.

BROOKLYN
Total Units: 2,159
Total Volume Cap: $347,830,000

Council Member Antonio Reynoso ~ District 34

Project
Monsignor
Jarka Hall
LPC Warehouse

Address
270 Bedford
Ave.
337 Berry St.

Units
64

Construction Type
Preservation

55

New Construction

Developer
Rockabill
Advisors
Procida Realty &
Construction

Volume Cap
$9,300,00

Developer
Forest City
Ratner

Volume Cap
$28,950,000

$12,00,000

Council Member Laurie Cumbo ~ District 35

Project
Pacific Park B#Tranche 2

Address
38 Sixth Ave.

Units
301

Construction Type
New Construction

Council Member Robert Cornegy ~ District 36

Project
BEC Phase II
Resyndication

Address
Bed-Stuy &
Crown
Heights
(Scattered)

Units
560

Construction Type
Preservation

Developer
The Hudson
Companies

Volume Cap
$58,230,000

Developer
BlueSea
Development
The Hudson
Companies

Volume Cap
$33,180,000

Council Member Darlene Mealy ~ District 41

Project
Prospect Plaza
Phase III
1575 St. Johns
Place

Address
430 Saratoga
Ave.
1575 St.Johns
Place

Units
135

Construction Type
New Construction

145

New Construction

$27,090,000

Council Member Inez Barron ~ District 42

Project
Livonia Ave.
Phase II (L2)
Site 9
Livonia Ave.
Phase II (L2)
Sites 6-8
Ebenezer
Plaza
Van
Sinderen/
New Lots

Address
Livonia Av. (bet.
Snediker Ave. & Van
Sinderen)
Livonia Ave. (bet.
Williams Ave. &
Snediker Ave.)
6878 New Lots Ave. &
257 Hegeman Ave.
Brooklyn Block 3859,
Lot 1

Units
50

Construction Type
New Construction

238

New Construction

481

New Construction

130

New Construction

Developer
BRP
Development
Corp.
BRP
Development
Corp.
Brisa
Evergreen I, LLC
MacQuesten
Development
Corp.

Volume Cap
$13,935,000
$52,145,000
$86,000,000
$27,000,000

BRONX
Total Units: 3,939
Total Volume Cap: $487,751,000

Council Member Fernando Cabrera ~ District 14

Project
New Settlement
Apartments

Address
Scattered
Sites

Units
893

Construction Type
Preservation

Developer
Settlement
Housing

Volume Cap
$80,000,000

Developer
Fordham
Bedford Housing
Phipps Houses

Volume Cap
$10,000,000

Council Member Ritchie Torres ~ District 15

Project
Bronxview

Address
2850 Marion
Ave.
Lambert Houses 988 E. 180th
Phase I
St.

Units
103

Construction Type
New Construction

145

New Construction

$29,010,000

Council Member Vanessa Gibson ~ District 16

Project
280 E. 161st St.
Apartments

Address
280 E. 161st St.

Units
252

Construction Type
New Construction

Developer
Yosi Cohen

Volume Cap
$43,500,000

Council Member Rafael Salamanca ~ District 17

Project
Thessalonia
Manor

Address
961 Rev. James
A. Polite Blvd. &
960 Prospect
Ave.
944 Rogers
Place
Melrose Site B

Units
120

Construction Type
New Construction

Developer
Lettire
Constructions

Volume Cap
$25,000,000

83

New Construction

$15,480,000

277

New Construction

1530 Story Ave.

212

New Construction

Multiple
Addresses

268

Preservation

PRC Westchester
Addition
BronxchesterBuilding A

950 Simpson St.

& 1000 Fox St.
Westchester &
Bergen Ave.

200

New Construction

211

New Construction

BronxchesterBuilding B

Westchester &
Brook Ave.

279

New Construction

Brisa Evergreen
I, LLC
BlueSea
Development
L & M Equity
Participants
MBD
Community
Housing Corp.
Property
Resources Corp.
BRP
Development
Corp.
BRP
Development
Corp.

TLK Manor
Melrose Site B aka
Bronx Commons
Soundview Story
Ave. East
MBD Year 15
Resyndication

$21,940,000
$22,361,000
$22,850,000
$15, 530,000
$65,100,000
$12,000,000

Vyse I

1828 Vyse Ave.

94

New Construction

1880 Boston Rd.

1880 Boston Rd.

103

New Construction

Soundview Story
Ave. West
Aquinas Year 15
Resyndication
Melrose Commons
Veterans
Residence

1495 Story Ave.

223

New Construction

1888 Arthur
Ave.
425 E. 161st St.

270

Preservation

59

New Construction

BRP
Development
Corp.
Foxy
Management
L & M Equity
Participants
The Hudson
Companies
The Bridge

$20, 345,000
$22,500,000
$21,020,000
$18,000,000
$13,115,000

Council Member Annabel Palma ~ District 18

Project
Newbold Ave.
Apartments

Address
2035
Newbold Ave.

Units
147

Construction Type
New Construction

Developer
Procida Realty &
Construction
Corp.

Volume Cap
$30,000,000

MANHATTAN
Total Units: 1,897
Total Volume Cap: $233,510,000

Council Member Margaret Chin ~ District 1

Project
Essex Crossing
Site 4

Address
Delancey St. &
Suffolk St.

Units
256

Construction Type
New Construction

Developer
L & M Equity
Partners

Volume Cap
$20,000,000

Speaker Melissa Mark-Viverito ~ District 8

Project
Acacia Gardens
491 Gerard Ave.

Address
E. 120th St.
491 Gerard
Ave.

Units
179
136

Construction Type
New Construction
New Construction

BrucknerBrook
Apartments,
Building A&B

Brook Ave.
(between
Bruckner
Blvd. & 132nd
St.)
Multiple
Addresses

189

New Construction

356

Preservation

Lott CDC
Portfolio
Resyndication

Developer
Acacia Network
Monadnock
Construction
Inc.
Best
Development
Group

Volume Cap
$30,910,000
$14,500,000

Lott Community
Development

$46,000,000

$19,000,000

Council Member Inez Dickens ~ District 9

Project
Randolph
Houses North

Address
251-277 W.
114th St.

Units
141

Construction Type
Preservation

415 Lenox
Ave. & 140th
St.
The Frederick

415 Lenox Ave.

& 140th St.

96

New Construction

2395 Frederick
Douglass Blvd.

76

New Construction

Tahl Propp
Section 8
PortfolioPhase I

Scattered Site

343

Preservation

Developer
Trinity
Financial
Inc.
LEMOR

Volume Cap
$25,000,000

Spectrum
Developme
nt
Tahl Propp
Equities

$14,100,000

$17,000,000

$28,000,000

Council Member Ydanis Rodriguez ~ District 10

Project
Fort George Hill

Address
1769 Fort
George Hill

Units
125

Construction Type
New Construction

Developer
SOBRO

Volume Cap
$19,000,000

QUEENS
Total Units: 1,192
Total Volume Cap: $129,170,000

Council Member Peter Koo ~ District 20

Project
One Flushing

Address
133-45 41st
Ave.

Units
232

Construction Type
New Construction

Developer
Monadnock
Construction
Inc.

Volume Cap
$51,670,000

Council Member I. Daneek Miller ~ District 27

Project
The Crossings
at Jamaica (High
Rise)
The Crossings
at Jamaica (Mid
Rise)
94-02 148th St.

Address
Units
147-18 Archer 450
Ave.

Construction Type
New Construction

Archer Ave.

130

New Construction

94-02 148th St. 380

New Construction

Developer
BRP
Development
Corp.
BRP
Development
Corp.
Artimus
Construction
Inc.

Volume Cap
$27,500,000
$30,000,000
$20,000,000

STATEN ISLAND
Total Units: 364
Total Volume Cap: $47,800,000

Council Member Debi Rose ~ District 49

Project
Fox Hill

Address
141 Park Hill
Ave.

Units
364

Construction Type
Preservation

###

Developer
Roackabill
Advisors

Volume Cap
$47,800,000