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Developers propose two 100% affordable HDFC co‑ops in CB2; team asks for board support to advance HPD approval
Summary
Two privately financed, 100% affordable projects — 30 Thompson Street (44 units) and 285 Hudson Street (24 units) — were presented to Community Board 2, and the developer asked the board to endorse an HPD homeownership path that would deliver both as HDFC co‑ops in perpetuity.
Developers presented two privately financed, 100% affordable buildings to the CB2 Land Use and Housing Committee on Sept. 10 and asked the board for support as they advance approvals with HPD and the city council.
Alvin Schein, attorney for the developer, said the projects — 30 Thompson Street and 285 Hudson Street — are each designed as 100% affordable developments and the ownership’s preferred outcome is to deliver both as HDFC co‑ops (homeowner cooperatives) rather than rentals. The team said that approach would make the apartments permanently affordable under MIH rules and that they plan to seek an Article 11 tax exemption (the co‑op tax exemption process) as part of the financing and closing process.
Project details and financing - 30 Thompson Street: The team described a roughly 18‑story building of about 50,000 square feet with 44 units. The architect described masonry and metal…
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