Roosevelt Island Hudson Related Riverwalk 8 Affordable Housing Building Web Site Now Live With Info - Housing Lottery For Units Likely To Launch In March

I asked Hudson Related Roosevelt Island Southtown Riverwalk developer David Kramer:

... any update on Riverwalk affordable housing building 8? A web site for the building that will show unit types, area medium income ranges and projected rents. was supposed to be available last summer?

Image of Riverwalk Building 8 Construction Site

A Hudson Related spokesperson replied:

... The Riverwalk 8 (AKA Riverwalk Park) site launched and can be found here

Also, am told that:

Regarding the launch of the lottery, that has not been scheduled, but will likely happen in March

through NYC Housing Connect.

As previously reported, Riverwalk Park is:

... a 21-story building comprised of approximately 240,000 square feet of floor area and 341 rental units, will be constructed. Building 8 will be financed under the Department of Housing Preservation and Development of the City of New York and the New York City Housing Development Corporation’s M2 Mixed Middle Income Program. RIOC seeks to preserve affordable housing, consistent with its mission and statutory purpose.

BUILDING 8 GROUND LEASE TERMS

Under the Building 8 Ground Lease

• (i) 3% of the 341 units will be reserved as Homeless Units, 
• (ii) 3% of the units will be reserved for very low-income families with household incomes of 40% of AMI, 
• (iii) 14% of the units will be reserved for families with household incomes of 50% of AMI, 
• (iv) 10% of the units will be reserved for families with household incomes of 80% of AMI, 
• (v) 20% of the units will be reserved for families with household incomes of 100% of AMI, and
•  (vi) 50% of the units will be reserved for families with household incomes of 130% of AMI. 

This breakdown provides an even greater degree of affordability than was set forth in the Fifth Amendment.

NYC 2019 Area Medium Income (AMI) for a single person is $74,700. For a family of 2, AMI is $85,400 and for a family of 4, AMI is $106,700. 

The Fifth Amendment referenced above provided for the units to be available for families with incomes of  40% - 165% AMI.

 Image From NYC HPD

Also:

... The building contains 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms. The application process will launch in 2020 through Housing Connect – New York City’s housing lottery system. Depending on family and apartment size, income-level based rents will vary from a minimum of $505 a month for a studio to $3,431 for a three-bedroom....

Click here to learn more and sign up to receive information from Hudson Related about Riverwalk Park.

Image From Riverwalk Park

Stay tuned for more info.