Affordable Housing Plan at 14 East 28th Street submitted by Common Ground to New York City Department of Housing Preservation and Development.
WHEREAS, Common Ground (now known as Breaking Ground) seeks approval from the New York City Department of Housing Preservation & Development of an Affordable Housing Plan for 14 East 28th Street; and
WHEREAS, Common Ground has operated critical programs in our Community District for over twenty years serving homeless and individuals at risk of becoming homelessness; and
WHEREAS, Common Ground acquired the former Prince George Hotel in 1996 and rehabilitated the site into 416 studio apartments for a mix of low-income working persons and formerly homeless single adults; and
WHEREAS, Common Ground's supportive housing at 14 East 28th Street is a model for high quality supportive housing; and
WHEREAS, The property at 14 East 28th Street under this plan would be permanently obligated to provide 415 housing units for low-income households if this plan is approved; and
WHEREAS, By permanently preserving these units, Common Ground would be considered a "granting" site for purposes of compliance with the Inclusionary Housing Program and therefore would be able to transfer development rights to "compensated" sites elsewhere in the community district or within a half mile radius; and
WHEREAS, The sale of development rights would enable Common Ground to raise equity to make critical capital repairs and ensure long-term reserves for maintenance of the supportive housing; therefore be it
RESOLVED, Community Board Five recommends approval of the Affordable Housing Plan for 14 East 28th Street.