Tuesday, July 19, 2011

From stalled site to affordable housing

From Crains:

A stalled Long Island City, Queens, project will become a 117-unit mixed-income residential development with 108 affordable rental apartments for middle-income New Yorkers. The project, located at 23-10 41st Ave., was originally designed as a market-rate condominium. Under the Housing Asset Renewal Program, the city and Bank of America will provide Queensboro Development, the project's developer, with a low-interest construction and permanent loan for a total of $28 million. The program will provide $7.6 million, or $70,000 per unit, in subsidies for the project. For the city, one of the key points is that the subsidy per unit is far less than the $100,000 to $125,000 per unit needed to build new moderate-income rental projects.

And it's already causing problems...


Joe said...

So this is what El "Banko Amerika" is doing with my money while paying me shit 0.50% APY interest

Well F_ them !
I'm gonna take it all out and buy more Krugereands

Anonymous said...

I guess its time to ask Jimmy Van Bramer who is paying for the infrastructure - and where are the seats on the subway for this?

Jimmy, can you tear yourself away from your agendas and answer this?

Inquiring minds want to know.

Anonymous said...

Jimmy Van Bramer = Eric Gioa Act II

Anonymous said...

So they were going to build luxury housing 2 blocks from the Queensbridge Projects? They got financing for this? In Manhattan You can get away with the projects being nearby but LIC isn't Manhattan.

Now that they've switched to upper middle income maybe they've got a shot. probably not.

Anonymous said...

Someone should investigate if public monies are going into Dutch Kills and the areas around Queens Plaza for the sole purpose of development - and by extension, making developers rich.

I want to see studies that the area can handle this - and the local people are not being displaced.

Anonymous said...

Time to tear down the Queensbridge projects, the free ride is over people!

Auntie Invasion said...

Let's watch as the Asian's fill up those apartments. for you not in the diversity know- Asians include Pakastani's, Indians, Bengali's Tibetans, and Nepali's.

just like in the other LIC government subsidized apartment buildings. It's a case of no American born citizen need apply. no White American need apply. for Black Americans, there's the two housing projects nearby. They will be allowed to submit applications to make it look legit but those two groups will not get apartments in those buildings.

Missing Foundation said...

I don't give a shit who goes into those buildings ... all I care about is who is making a profit from my tax dollars.

Anonymous said...

I'm with you Joe.

The American dream is over!
The Amerikano nightmare has begun!

Anonymous said...

Councilman "Jimmy" only cares about homo issues.

Everything else takes....LOL....the "back door"!

Anonymous said...

the site is two blocks from the Crescent Street entrance to the Queensboro bridge. the gridlock should be a mess for years.

btw ,the high rise luxury condos in the photo have been empty for two years ....

this is a very dangerous section to walk around at, because of the projects on 21 street.

Anonymous said...

Empty the projects and put the luxury housing there. That's waterfront property and prime real estate with great views of Manhattan. The free ride is over. Put the project dwellers in the new crap housing.

Anonymous said...

Empty the projects and put the luxury housing there. That's waterfront property and prime real estate with great views of Manhattan. The free ride is over. Put the project dwellers in the new crap housing.
sure, a brownfield landfill on a former swamp, wedged between a power plant and a noisy bridge. when developers start moving their families in places like that I might start to believe you.

Joe said...

The Amerikano nightmare has begun!
Tell me about it.
I had around substantial amount of $$ in matured CD's I just tried to cash out (Cash) after reading this 6 hours ago.
The Bank of America would not give me more then $5000 cash. Only a "deposit only" check from the corporate office I would receive in 2 weeks I COULD STILL NOT CASH. What bullshit !

The bank manager was called who ask me "why" I was doing this accusing me of being disruptive, under the influence of drugs, --then "a drunk who should go back to the bar" .
(LOL---it was 1 PM the bar isn't even open)
The bank then claimed they were going to hold my money for my own protection.
It ended up 1 hour scene with the cops being called (3 cars showed up).
The cops interviewed me and told the bank manager I was the banks client, not drunk, not high, not disruptive so they would not be removing me till closing time. The cops also reminded the bank manager they were including "a drunk who should go back to the bar" time code and tape number on the the report.
It was about this time I heard the suction capsules going.
I got my money and escort to my truck, Im sure many others will not be so lucky.

My next visit to "Banko Amerika" will be with my lawyer.
Calling one a drunk in-front of 20 or so witnesses isn't to smart. 5 or so disgusted people even told the cops of my treatment who took names.

Anonymous said...


You are not a developer.

Then they go nuts to help.

Just like City Government and your local elected official.

Joe said...

Yeah the F*_ing bums go nuts to help themselves to huge commissions by stealing, gambling $ loosing money that does not belong to them.
---Just like the dam record company's and investment brokers.

Forget the FDIC if a bank goes under. Yes your moneys insured but read the new Obama fine print.
The FDIC insurgence charter now reads "money to be paid out as soon as possible"
--Meaning you could get paid in 1% drips and drabs over the next 10 -20 years, ZERO interest if your not dead or homeless by then.

WTF does Banko Amerika exactly mean using the oxymoron "Permanent loan" ---sounds like a crock of stinkin bullshit to me !!


Anonymous said...

"Joe: This may be against your religion, but try reading FACT:
" In most cases, the FDIC makes insured funds available to depositors quickly, usually on the first business day after the bank is closed."


BTW: This was in effect as of summer 2008 -Bush era. But don't let fact cloud your fantasy.

Joe said...

Wrong ! You posting a snip from the 08 Bush era LOL ?
Not any more: As of 3/2010 its "as soon as possible" (meaning 2 days to 20 years)
See the new rules (and complex layers of them): http://www.fdic.gov/regulations/laws/rules/1000-1240.html

Paragraph 1
You really have to locate and read the fine print with white collar crooks and assume NOTHING.
Then you have to keep up to date with it all.

The FDIC has around $60 billion available but the total insured deposits and debts in US banks are now over 25 times above that.

In 2008 nobody considered a total collapse of the system - or even the failure of a few big banks was unthinkable.

--Yeah like the Titanic. Speaking of --what song did they play again ?

Anonymous said...

Joe, it's not going to happen...Unless we stupidly elect a whack job like Palin or Bachmann etc.

If you want to stuff your greenbacks into your mattress -go right ahead.

'Do agree about "white collar fine print" though.

Anonymous said...

RE: JOE, read the wsj or nypost articles relating to $30 BILLION settlement of toxic-mortgages, by B of A.

it reminds us of CEO Ken Lewis and the purchase of Angelo Mozilo's COUNTRYWIDE FINANCIAL (the number 1 mtge. lender), in 2008.

was not former Sen. Chris Dodd,senate dem. banking committee chmn.associated with Mozilo ?

were they not connected in a questionable land deal in Ireland ?

the settlement is also being investigated by NY A/G,Schneidermann. (there must be a gop member involved).

You did the correct thing. do not take advice from a leftie...

Anonymous said...

a local bank,NY Community Bank/Queens County Bank did not give the freeloaders any (no asset/no job/no income/ subprime loans.
it also returned the $500,million dollar tarp/stimulus money to obama's administration.

the Cd rates for 20 months are about 2.5 %. and fdic safe to $200,000.
they have subsidiary offices in the tri-state area.

Anonymous said...

I don't give a shit who goes into those buildings ... all I care about is who is making a profit from my tax dollars.