Affordable Housing Information Meeting

Brooklyn Arena and Atlantic Yards
July 11, 2006
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A $3.5B Redevelopment Project on a 22-Acre Site 
6,860 Total Residential Units in a Mixed-Use Development
- 4,500 Rental Units and 2,360 Condos 

50% of Rental Housing (2,250 units) to be Affordable to Low, Moderate and Middle Income Families  Development Centered Around City¶s 3rd Largest Transportation Hub  New Sports Arena for Nets Professional Basketball Team  7+ Acres of New, Public Open Space  MTA Transit Improvements  Historic Community Benefits Agreement

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General Project Plan
Atlantic Yards
Arena: Office: Residential: Retail: Open Space: 850,000 ZSF 1.9 M ZSF 5.5 M ZSF (6,000 Units) 227,000 ZSF 7.4 Acres

Arena

Office

Hotel

Residential

Open Space

Retail (in base of buildings)

6,860 Residential Units in 16 Buildings
‡ 4,500 New Rental Apartments ‡ 50% of all Rentals (2,250 units) for low, moderate and middle income families ‡ 2,360 Total Condominiums
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Quality Residential Buildings
‡ High-quality construction using Union labor ‡ World class architecture by Frank Gehry ‡ Well-designed and efficient living spaces ‡ 24-hour doormen and lobby attendants for service and security ‡ Building amenities for residents such as children¶s playroom, laundry rooms, bike storage, fitness center

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7 Acres of Open Space
‡ Open and accessible to everyone ‡ Active space: Basketball, volleyball, bocce ball, walking and biking paths ‡ Passive space: Benches, reflecting pond, grassy lawn ‡ Landscape design by Laurie Olin

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Neighborhood Retail

‡ Lively and well-maintained streetscapes with ground floor retail in the base of the residential buildings ‡ Stores and services including grocery markets, restaurants, book stores, drug stores, cafes, child care center, health clinic

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FCRC/ACORN Affordable Housing Program
1. Affordable apartments will be available for a wide range of family incomes (low, moderate, middle). 2. Rents will be set at 30% of the middle of each income band 3. Units available for a range of household sizes from 1- to 6- persons 4. Approximately 50% of all affordable apartments will be 2- and 3-bedroom units 5. Affordable rental units are leased through a lottery that is overseen by the City 6. All rental units will be rent-stabilized 7. 10% of the rental units will be for senior citizens 8. 600-1,000 additional affordable home-ownership units on- or off-site
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Creating Mixed-Income Buildings
‡ Each rental building in Atlantic Yards will be a mixed-income building:
± 20% Low-Income
(families earning between $21,270 to $35,450* based on a family of four)

± 30% Moderate and Middle-Income
(families earning between $42,540 to $113,440* based on a family of four, subdivided into 3 bands)

± 50% Market Rate
(no restriction on family income)

‡ Affordable units will be spread throughout the entire rental building. ‡ Affordable units will be built in each phase of construction.
*Incomes subject to change. Income ranges are based on the NYC Area Median Income (AMI). The AMI is set by the U.S. Dept. of Housing and Urban Development.

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Affordable Housing Income Bands
This program provides housing for low, moderate and middle income households.
Number of Affordable Housing Units ± 2,250 Total Minimum and Maximum Income for a Family of 4 Minimum $21,270 $28,361 $42,540 $70,901 $99,261 Maximum $28,360 $35,450 $70,900 $99,260 $113,440

Income Bands*

AMI Income Range

Band 1 Band 2 Band 3 Band 4 Band 5

30-40% 41-50% 60-100% 101-140% 141-160%

225 units 675 units 450 units 450 units 450 units

*Note: Income bands are based on the NYC Area Median Income (AMI). The AMI is set by the U.S. Dept. of Housing and Urban Development. As of April 7, 2006, AMI is $70,900 for a family of four.

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Example - Band 1
‡ Mr. Robbins is a plumber, and Mrs. Robbins is retired. They are raising their two young grandchildren. ‡ Their annual income is $24,815 (35% AMI). ‡ Their income and family size place the Robbins family in Band 1 (30-40% of AMI). ‡ The Band 1 monthly rent for a 2-bedroom apartment would be $620, or approximately 30% of their monthly income.

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Example - Band 2
‡ Mr. Martinez is a transit worker, and his wife takes care of their two sons. ‡ Their annual income is $31,905 (45% AMI). ‡ Their income and family size place the Martinez family in Band 2 (4150% of AMI). ‡ The Band 2 monthly rent for a 2-bedroom apartment would be $797, or approximately 30% of their monthly income.

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Example - Band 3
‡ Mrs. Lim is an administrative assistant with two small children. Her husband is unable to work. ‡ Her annual income is $56,720 (80% AMI). ‡ Her income and family size place the Lim family in Band 3 (60-100% of AMI). ‡ The Band 3 monthly rent for a 2bedroom apartment would be $1,418, or approximately 30% of their monthly income.
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Example - Band 4
‡ Mr. and Mrs. James are teachers, and they live with their two children. ‡ Their annual income is $85,080 (120% AMI). ‡ Their income and family size place the James family in Band 4 (101- 140% of AMI). ‡ The Band 4 monthly rent for a 2-bedroom apartment would be $2,127, or approximately 30% of their monthly income.

Image to come

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Example - Band 5
‡ Mr. Patel is an accountant, and Mrs. Patel is a home health-care worker. They live with their two children. ‡ Their annual income is $106,705 (150% AMI). ‡ Their income and family size place the Patel family in Band 5 (141 to 160% of AMI). ‡ The Band 5 monthly rent for a 2bedroom apartment would be $2,658, or approximately 30% of their monthly income.
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Lottery System
‡ In order to preserve fairness amongst applicants, residents will be selected through a lottery run by ACORN, according to and with oversight from the City. ‡ As mandated by the City, both NYC Dept. of Housing, Preservation, and Development and the New York City Housing Development Corporation will oversee the lottery. ‡ Residents will be selected at random from a pool of applications, then checked for income eligibility. ‡ Per City requirements, preference will be given to residents living locally, members of the NYPD, other City of New York employees, as well as mobility-impaired, sight-impaired and hearing-impaired people.
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Timeline
‡ Environmental review process has started ‡ Construction of the first residential building(s) begins in 2008 ‡ Marketing begins and applications made available in early 2009 for the first rental building(s) ‡ Building(s) available for occupancy anticipated to be mid-2010 ‡ Final building complete in 2016 For more information, please visit www.atlanticyards.com
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