Two privately financed, 100% affordable residential projects — one at 30 Thompson Street (44 units) and one at 285 Hudson Street (24 units) — were presented to the Community Board 2 Land Use & Housing Committee on Sept. 10. Attorney Alvin Schein, representing the applicant, said both projects are being developed without operating subsidies from the city or state and that the developer’s plan — subject to HPD and City Council approval — is to offer the units for affordable ownership as HDFC (Housing Development Fund Corporation) co‑ops rather than as rentals.

“Yes. It is affordable in perpetuity,” Alvin Schein said when the committee asked whether MIH affordability would last as long as the buildings stand. Presenters said the projects would be governed by MIH rules but that, unlike typical rentals, the team intends to pursue HPD approval for an ownership model and to secure an Article 11 tax exemption; the team acknowledged the tax exemption and any Article 11 approval require subsequent city review and City Council action.

Project architects walked the committee through unit mixes and building design. The Thompson Street building was described as roughly 50,000 square feet with 18 stories and large ground‑floor glazing, a second‑floor recreation space, bike storage, laundry and tenant amenities; typical floors were pushed toward larger 2‑bedroom units. The Hudson Street project was described as a smaller, 10‑story building of roughly 16,000 square feet with no setbacks and common laundry, bike storage and a small rear yard.

On affordability and operations, the team said AMI bands would include 40%, 60% and (in one project) 80% units in order to reach a weighted average of 60% AMI. Presenters emphasized that the co‑op ownership model is intended to make homeownership affordable to low‑ and moderate‑income households, that units would remain affordable as long as the buildings stand under MIH, and that the developer expects to market the units via a lottery similar to HPD lotteries for rentals.

Committee members pressed for details on permanence, tax exemption mechanics and financing. Alvin Schein said the MIH regulatory agreement requires affordability “as long as the building stands,” and that Article 11 tax exemptions that support HDFC ownership typically run for 40 years and are commonly renewed; the team said the City Council must approve any Article 11 tax exemption. Presenters said small subsidies might be sought to support buyers to cover closing costs, but that the projects rely primarily on private financing and tax‑exempt status to make ownership affordable.

Members of the public and committee praised the proposal as a rare example of 100% affordable, privately financed housing and asked about resale restrictions, household eligibility, and whether amenities or charges would differ by income band. Presenters said resale will be subject to affordability restrictions tied to the MIH regulatory framework and that eligibility will follow HPD rules; they also said affordable households would have the same access to building amenities and that the projects will be all‑electric.

The committee agreed to send supportive advisory language and discussed drafting a resolution endorsing the team’s plan to pursue HPD approval for homeownership and the Article 11 tax exemption that would enable it. Presenters were asked to keep the board informed as they proceed to HPD and the City Council.