New York City has picked developers to build affordable housing on five parcels of vacant, city-owned land. “Vacant land has become an invaluable asset in our city,” said Maria Torres-Springer, commissioner of the New York City’s Department of Housing Preservation and Development (HPD).

How invaluable? One of the parcels includes 276 E. 3rd St. and 302 E. 2nd St. on Manhattan’s Lower East Side. Asian Americans for Equality, Inc., will be entrusted to build 44 affordable home in this increasingly expensive neighborhood.

The other four parcels are in Brooklyn’s Bedford-Stuyvesant, Brownsville and Bushwick neighborhoods. The developments will be financed through HPD’s New Infill Homeownership Opportunities Program (NIHOP) and the Neighborhood Construction Program (NCP). The city has more vacant land to hand out — HPD anticipates two more rounds of designations like this one.

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