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Creative Affordable Housing, the Practical Trend

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Creative Affordable Housing, the Practical Trend

August 30, 2008 - 23:15

The City Council approved a $450,000 CDBG/HOME grant to underwrite the affordability of two newly constructed homes on Lincoln and Heminway Avenues. This is a prime example of how the City can and intends to creatively collaborate with developers to produce affordable homes for purchase throughout the city. Jim Killoran’s Habitat for Humanity was selected as the agency to finish the remaining 15% of work to be completed on the homes because of its familiarity and history of small scale renovation capability throughout the county. Larger parcels of land suitable for affordable housing within the city of New Rochelle are rapidly disappearing. Fully recognizing this dilemma, joint efforts to generate affordable housing through renovations and infill development may become the standard model. While the ultimate sale price will be contingent upon the overall cost of completing the two duplex homes, the final price will be well within the affordable housing guidelines. Since these homes were made available as a result of unusual circumstances, the details for generating a qualified pool of applicants and an equitable bidding process are currently being developed. Further information regarding the process will be forthcoming.