The Daily Dirt: A new path to affordable housing takes shape in Soho
To say the Soho/Noho rezoning has not met expectations would be an understatement. But a residential project at 43 Bleecker Street might provide a template for developers eyeing the neighborhood. The project, an 11-unit condo conversion of a historic six-story building by the Caedes Group, is the first to take advantage of a long-available option for developers looking to meet Mandatory Inclusionary Housing requirements. Developers have historically met those requirements by building the affordable units themselves, but projects of a certain size and unit count are eligible to pay into the Department of Housing Preservation and Development’s Affordable Housing Fund. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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