2008-05-16 / Top Stories

New Affordable Housing Coming To Far Rockaway

By Miriam Rosenberg

Demolition has begun for the construction of seven new two-family affordable homes in the Far Rockaway area, The Wave learned last week.

The non-profit Community Preservation Corporation (CPC) has provided a $2.26 million loan for the building of homes that will include a three-bedroom duplex owner's unit and a onebedroom rental unit projected to rent at $1,075.

According to a press release from May 6, the homes will sell for $405,000 each and "owners will offset their mortgage payments with revenue generated from the rental units."

The New York State Affordable Housing Corporation is providing an additional subsidy, arranged by the New York City Housing Partnership. The subsidy is $40,000 for families whose income is under 90 percent of the average median income and $32,000 for families with incomes under 110 percent of the average median income.

"There are income eligibility requirements to purchase one of the homes," said Mary Brennan, senior vice president and regional director of CPC's Brooklyn, Queens, Staten Island and Long Island office. "A family of 4 can earn up to $68,824 annually and a family of five can earn up to $74,312 annually."

The New York City Housing Partnership (HPD) will conduct a lottery to sell the homes.

"The Partnership will place an ad on their web site describing the project, eligibility requirements and how to obtain a loan application," explained Brennan. "The developer, Sally Love [a partner in the development firm], will also be creating a list of interested people until the web site is available. At that time Sally will send applications to those on her list. She may be reached at (718)- 544-8846."

The homes will be located at 182 Beach 26 Street between Seagirt Boulevard and the boardwalk; 503 Beach 22 Street between Collier Avenue and Deerfield Road; and 610 Bay 25 Street between Camp Road and Deerfield Road.

"Once known as a bungalow colony, Far Rockaway has suffered over the past decades from unfulfilled development plans," said Brennan.

"Today these vacant lots are being transformed into owner-occupied [two family] homes, giving Far Rockaway families the chance to be firsttime homeowners. CPC is delighted to be part of this ongoing effort."

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