Affordable Housing Information Meeting

Brooklyn Arena and Atlantic Yards

July 11, 2006

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 A $3.5B Redevelopment Project
on a 22-Acre Site
 6,860 Total Residential Units in a Mixed-Use Development
- 4,500 Rental Units and 2,360 Condos
 50% of Rental Housing (2,250 units) to be Affordable to Low, Moderate
and Middle Income Families
 Development Centered Around City’s 3rd Largest Transportation Hub
 New Sports Arena for Nets Professional Basketball Team
 7+ Acres of New, Public Open Space
 MTA Transit Improvements
 Historic Community Benefits Agreement

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 General Project Plan

Atlantic Yards
Arena: 850,000 ZSF
Office: 1.9 M ZSF
Residential: 5.5 M ZSF (6,000 Units)
Retail: 227,000 ZSF
Open Space: 7.4 Acres

Arena Office Hotel Residential Open Space Retail (in base of buildings)

6,860 Residential Units in 16 Buildings

• 4,500 New Rental Apartments
• 50% of all Rentals (2,250 units) for low, moderate and middle income families
• 2,360 Total Condominiums

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 Quality Residential Buildings

• High-quality construction using Union

labor

• World class architecture by Frank Gehry

• Well-designed and efficient living spaces

• 24-hour doormen and lobby attendants

for service and security

• Building amenities for residents such as

children’s playroom, laundry rooms, bike
storage, fitness center

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7 Acres of Open Space

• Open and accessible to everyone

• Active space: Basketball, volleyball,
bocce ball, walking and biking paths
• Passive space: Benches, reflecting
pond, grassy lawn
• Landscape design by Laurie Olin

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Neighborhood Retail

• Lively and well-maintained

streetscapes with ground
floor retail in the base of the
residential buildings

• Stores and services

including grocery markets,
restaurants, book stores,
drug stores, cafes,
child care center, health clinic

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 FCRC/ACORN Affordable Housing Program

1. Affordable apartments will be available for a wide range of family incomes (low, moderate, middle).

2. Rents will be set at 30% of the middle of each income band

3. Units available for a range of household sizes from 1- to 6- persons

4. Approximately 50% of all affordable apartments will be 2- and 3-bedroom units

5. Affordable rental units are leased through a lottery that is overseen by the City

6. All rental units will be rent-stabilized

7. 10% of the rental units will be for senior citizens

8. 600-1,000 additional affordable home-ownership units on- or off-site

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 Creating Mixed-Income Buildings

• Each rental building in Atlantic Yards will be a mixed-income building:

– 20% Low-Income
(families earning between $21,270 to $35,450* based on a family of four)

– 30% Moderate and Middle-Income

(families earning between $42,540 to $113,440* based on a family of four, sub-
divided into 3 bands)

– 50% Market Rate

(no restriction on family income)

• Affordable units will be spread throughout the entire rental building.

• Affordable units will be built in each phase of construction.

*Incomes subject to change. Income ranges are based on the NYC Area Median Income (AMI). The
AMI is set by the U.S. Dept. of Housing and Urban Development.

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 Affordable Housing Income Bands

This program provides housing for low, moderate and

middle income households.

Number of
Affordable Minimum and Maximum Income for
AMI Income Housing Units – a Family of 4
Income Bands* Range 2,250 Total
Minimum Maximum

Band 1 30-40% 225 units $21,270 $28,360

Band 2 41-50% 675 units $28,361 $35,450

Band 3 60-100% 450 units $42,540 $70,900

Band 4 101-140% 450 units $70,901 $99,260
Band 5 141-160% 450 units $99,261 $113,440

*Note: Income bands are based on the NYC Area Median Income (AMI). The AMI is set by the U.S. Dept. of
Housing and Urban Development. As of April 7, 2006, AMI is $70,900 for a family of four.
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Example - Band 1

• Mr. Robbins is a plumber, and Mrs. Robbins

is retired. They are raising their two young
grandchildren.

• Their annual income is $24,815 (35% AMI).

• Their income and family size place the

Robbins family in Band 1 (30-40% of AMI).

• The Band 1 monthly rent for a 2-bedroom

apartment would be $620, or approximately
30% of their monthly income.

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 Example - Band 2

• Mr. Martinez is a transit worker, and his wife takes care of their two
sons.
• Their annual income is $31,905 (45% AMI).
• Their income and family size place the Martinez family in Band 2 (41-
50% of AMI).
• The Band 2 monthly rent for a 2-bedroom apartment would be $797, or
approximately 30% of their monthly income.

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 Example - Band 3

• Mrs. Lim is an administrative

assistant with two small children.
Her husband is unable to work.

• Her annual income is $56,720

(80% AMI).

• Her income and family size place

the Lim family in Band 3
(60-100% of AMI).

• The Band 3 monthly rent for a 2-

bedroom apartment would be
$1,418, or approximately 30% of
their monthly income.

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 Example - Band 4

• Mr. and Mrs. James are teachers, and they live with their two children.
• Their annual income is $85,080 (120% AMI).
• Their income and family size place the James family in Band 4
(101- 140% of AMI).
• The Band 4 monthly rent for a 2-bedroom apartment would be $2,127,
or approximately 30% of their monthly income.

Image to come

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Example - Band 5

• Mr. Patel is an accountant, and Mrs.

Patel is a home health-care worker.
They live with their two children.

• Their annual income is $106,705

(150% AMI).

• Their income and family size place

the Patel family in Band 5 (141 to
160% of AMI).

• The Band 5 monthly rent for a 2-

bedroom apartment would be $2,658,
or approximately 30% of their monthly
income.
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 Lottery System

• In order to preserve fairness amongst applicants, residents will be

selected through a lottery run by ACORN, according to and with
oversight from the City.

• As mandated by the City, both NYC Dept. of Housing, Preservation,

and Development and the New York City Housing Development
Corporation will oversee the lottery.

• Residents will be selected at random from a pool of applications, then

checked for income eligibility.

• Per City requirements, preference will be given to residents living

locally, members of the NYPD, other City of New York employees, as
well as mobility-impaired, sight-impaired and hearing-impaired people.

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 Timeline

• Environmental review process has started

• Construction of the first residential building(s) begins in 2008

• Marketing begins and applications made available in

early 2009 for the first rental building(s)

• Building(s) available for occupancy anticipated to be mid-2010

• Final building complete in 2016

For more information, please visit www.atlanticyards.com

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