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Two privately financed 100% affordable buildings proposed for CB2; developers seek committee support for HDFC ownership plan
Summary
Developers presented two 100% affordable projects at 30 Thompson (44 units) and 285 Hudson (24 units). The team said both buildings are being developed without operating city subsidy, would be affordable "in perpetuity" under MIH, and the developer proposes sale as HDFC co‑ops if HPD and the city council approve tax exemptions.
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…
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