Inclusionary Housing Pays for Permanent Affordable Housing

Azimuth Development Group and development partners opened a new, eight-story affordable apartment building at 321 E. 60th St. in the Lenox Hill neighborhood of Manhattan. The 21 apartments will be permanently affordable to low-income families, through the city’s Inclusionary Housing program.

“We live in a time where expiring regulatory periods force families into uncertainty. The permanent affordability at 321 E. 60th Street ensures that these families will be provided with the security of a reduced cost of living in perpetuity,” said Guido Subotovsky, founder and President of Azimuth Development Group.

The entire $25 million dollar development cost was paid for by inclusionary housing proceeds, though there are no luxury apartments in the building. The development is instead beneficiary to three nearby market-rate compensated developments.

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