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Bridge Street urges action to preserve HUD Section 202 senior housing in Brooklyn
Summary
Bridge Street Development Corporation presented a preservation plan Dec. 2 to Brooklyn Borough Board, saying Brooklyn has 83 HUD Section 202 properties and faces a capital shortfall of roughly $2–5 million per building; the group seeks owner outreach, technical assistance and new funding sources to keep units affordable for seniors.
Bridge Street Development Corporation told the Brooklyn Borough Board on Dec. 2 that preserving HUD Section 202 senior housing in Brooklyn requires urgent, coordinated action from owners, elected officials and funders.
"There's no place like home," Gregory Anderson, president and CEO of Bridge Street Development Corporation, told the board as he opened a presentation on the 202 Preservation Project. He said the organization aims to connect owners with financing, technical assistance and planning help so buildings remain affordable and residents can age in place.
Panelists said the HUD Section 202 program — created in 1959 — includes about 246 properties citywide with roughly 26,710 apartments; Brooklyn accounts for the largest share, with 83 properties and about 8,800 apartments. The panel said the waiting list for Section 202 housing in New York City exceeds 200,000 and is roughly five years long.
Panelists described a preservation toolkit that offers building assessments, funding and…
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