NEW YORK CITY—Under pressure from both the city and stategovernments, Forest City Ratner Cos. has agreed to dramaticallyexpedite the timetable for the affordable housing portion of itsAtlantic Yards project.
As part of a deal with Gov. Andrew Cuomo's office, the new planwill shorten the completion timeframe to build 2,250 affordableapartments by ten years, from 2035 to 2025. Additionally, theagreement calls for the creation of a board—the Atlantic YardsCommunity Development Corp.—to provide input on development,housing, and community impact throughout the completion of theproject.
The city, through its Housing Development Corp., will providefinancial support to ensure the delivery of two 100% affordablehousing buildings, totaling at least 590 units, and constructionwill begin by December of this year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
