Fair housing settlement
A settlement reached in June 2014 between BrooklynSpeaks sponsors, the State of New York, and Forest City Ratner to accelerate the delivery of affordable housing and provide local representation in project oversight.
Community groups and local residents reach historic accord with New York State and developers of Brooklyn’s Atlantic Yards Project
Submitted by brooklynspeaks on June 27, 2014 - 7:23am
Related Terms :
Agreement calls for delivery of 2,250 promised units of affordable housing ten years earlier than previously agreed; imposes penalties for failure to meet deadlines; creates tenant protection fund and special oversight subsidiary
Today, following weeks of intense negotiations, BrooklynSpeaks sponsor organizations and local residents announced they have reached a landmark settlement with Forest City Ratner Corporation (FCRC), the developer of the Atlantic Yards Project in Brooklyn, and the Empire State Development Corporation (ESDC), with the support of the City of New York.
The accord, which includes a signed agreement with ESDC and another with FCRC, ensures at least 590 units of promised affordable housing are started within the next 12 months and delivers 2,250 promised affordable housing units ten years earlier than previously agreed. It also establishes an Atlantic Yards Tenant Protection Fund and penalties for failure to meet affordable housing milestones. The settlement will also result in the creation of the Atlantic Yards Community Development Corporation, a subsidiary of the ESDC charged with overseeing compliance with all project commitments.
Under the terms of the agreement, construction on the first of the affordable units will begin by the end of the year, and all affordable apartments must be completed by May 2025.
The terms include:
- Completion of all 2,250 affordable apartments by May 2025 (with penalties for non-performance);
- Start of construction of at least 590 affordable apartments within 12 months (with penalties for non-performance); and
- Creation of an ESDC subsidiary, including locally-appointed directors, to monitor compliance with all project commitments.
In addition, through a complementary commitment by FCRC, the developer will make a contribution of $250,000 to establish the Atlantic Yards Tenant Protection Fund to provide eviction prevention services to members of the community vulnerable to displacement.
