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JV Will Bring Low-Income Units, Library to Inwood
The Inwood section of Northern Manhattan will be home to 175 low-income apartments and a new public library via a joint venture between the Community League of the Heights, Ranger Properties, Alembic and the Children’s Village. The project is under the auspices of the city’s Department of Housing Preservation and Development.
Part of Inwood NYC, a planning initiative led by the New York City Economic Development Corp., the project will be financed under Mayor de Blasio’s Housing New York plan under the Extremely Low and Low-Income Affordability program. HPD will guarantee future control of the land through the use of a remainder interest, a legal tool giving the city ownership of the property at the end of the initial affordability period, unless the owner agrees to extend the period.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
