This week, the city announced that it had begun accepting applications for the affordable housing component at 50 North 5th Street. The project, which is being developed by Area Property Partners, will add 229 units to the neighborhood, 46 of which will be permanently affordable. 12 of the affordable units will be subject to the city’s Sandy preference, which aims to relocate New York City residents displaced by last October’s hurricane. Applicants will be subject to a lottery managed by Area Property Partners and overseen by the Department of Housing Preservation and Development (HPD).
Households earning up to 60 percent of Area Median Income (AMI)—equal to a household income of $51,540/year for a family of four, will qualify for the affordable housing. There are 9 studio units (household size: 1, monthly rent: $814, household income range: $29,829 – $36,120), 24 one-bedroom units (rent: $875, income: $31,989 – $36,120 for single member households, $31,989 – $41,280 for 2 members), and 13 two-bedroom units (rent: $1,059, income: $38,366 – $41,280 for single member households, $38,366 – $46,440 for 2 member households, and $38,366 – $51,540 for 3 member households) available in the lottery.
In addition to the 12 units set aside for the Sandy preference, qualified residents of Brooklyn Community Board 1 will receive preference for 50 percent of the units, as per the city’s inclusionary housing rules.
The anticipated completion date for 50 North 5th is fall of 2013. The $99.4 million development will have a landscaped interior courtyard, laundry room, bicycle parking on the ground floor, half-court basketball court, fitness center, tenants lounge and patio space on the second floor. The project also includes a yoga studio and rooftop deck.
Completed applications must be returned by regular mail, postmarked by July 1st, 2013. To request an application, mail a self-addressed envelope to Housing Application, Fifty N. Fifth, C/O 260 Powers Street, Brooklyn, NY 11211, or download an application from www.Fiftynorthfifth.org.
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