Real estate professionals have long been calling for an end to the “crisis” in the East Village and elsewhere in New England.
Now it seems there’s an answer.
In an article published in The Wall Street Journal, the real estate industry group Association of Real Estate Professionals (AREP) outlines its plans to address this problem and the challenges it poses to developers and buyers.
In its first step, the group proposes two steps: In the first place, the REI Foundation would offer $50,000 grants to anyone who wants to purchase a home in the neighborhood that is more affordable than the average home in its market, including a 1-bedroom apartment for $300,000.
“This is going to help a lot of people in the city,” said Tom Stancil, a real estate agent and member of the REP.
“We want to help people make more informed decisions about where they want to live.”
The second step is to encourage developers to build more affordable homes.
“They need to get out of the way and do the right thing,” said Stancill.
“There is a big opportunity to make some of the housing in the area more affordable.”
The REP is a coalition of more than 70 real estate professionals that represents a number of real estate companies.
It has worked closely with developers to develop projects in the West Village, including the new West Village Apartments, which are currently under construction at 721 West 59th Street.
The REP said it is also working to make the area less expensive for families and young people.
The REI grants, which range from $25,000 to $250,000, would cover the cost of the first phase of construction and include incentives for developers to set aside more affordable apartments.
The organization has also set aside $500,000 for a project in the Mission district, which is being built by the developer, Tresor Homes.
The $100,000 fund would help developers who are considering purchasing new properties in the historic district to lower their costs.
The funds would be used to help developers build affordable units, which would help alleviate pressure on existing homes and drive up sales.
The fund would also help fund more affordable housing projects.
The plan also calls for the construction of affordable homes in the neighborhoods of Flatiron, Bushwick, and Brooklyn Heights.
The group has also been working to expand access to housing in communities of color, and has set up an outreach team to talk to the community about affordable housing issues.
The new REP plan comes as New York is trying to make good on a promise to boost affordable housing, which has been a priority in recent years.
Since 2012, the New York State Housing Development Corp. has approved an additional 1,600 affordable units of housing for low- and moderate-income households in the state.
The $15 million plan announced earlier this year will allow developers to include a “bias-free” element to their development plans.
In addition to the REPI grants, the organization is also partnering with the New School to develop the next generation of affordable housing for students, and with the Manhattan Community Housing Authority to expand affordable housing to communities of colour.
For more affordable and diverse housing in New Jersey, check out the Atlantic City article.