New York's City Council has approved a $2B development in Queens that will produce 3,200 apartments, nearly half of which will be designated "permanently affordable."
A trio of developers behind Innovation QNS in Astoria—Silverstein Properties, BedRock Real Estate Partners and Kaufman Astoria Studios—agreed to include a level of affordability that exceeds the city's minimums for apartment units on rezoned land.
Of the 3,200 units at the project, 1,436 will be permanently affordable; of those, 865 units will be reserved for households earning 30% or less of the area median income, which in Astoria is $36,000 for a family of three.
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