Affordable housing at 5 World Trade Center approved by state board

Sustainable Development Goals (SDGs) – Affordable Housing at 5 World Trade Center

Introduction

Nearly 400 units of a housing development planned at 5 World Trade Center will be available below market rate after the proposal was approved by state authorities, Gov. Kathy Hochul announced on Thursday.

Background

A third of the 1,200 homes planned for 5 World Trade Center — the first housing built on the site since the 9/11 will be reserved for moderate- to low-income residents, Hochul said at a press conference in Lower Manhattan. The state owns a vacant parcel of land at the skyscraper complex, which is poised for development next year. Final approval from the state Public Authorities Control Board, which signs off on project financing for a slate of public authorities, came on Thursday morning.

Affordable Units and Preferences

• Twenty percent of the affordable units will be designated with a preference for survivors of the Sept. 11, 2001 attacks who lived or worked in the area — including first responders and people who assisted with cleanup in its aftermath.

Advocacy for More Affordable Units

A coalition of housing advocates, some of whom lived in the area during the attacks, pushed for 100% of new units to be earmarked for low- to middle-income residents. They expressed disappointment this spring when other state authorities approved far fewer affordable residences — with 30% of units designated affordable, up from 25% proposed by developers.

Funding and Development

The site will be developed and funded with $60 million from the state and $5 million from the Battery Park City Authority, Hochul said.

Positive Outcome

“I say that 1,200 units, one-third of them affordable, is far better than no outcome at all,” Hochul said on Thursday. “We figured out the formula because we didn’t walk away. We walked toward each other.”

Increased Affordable Units

The proposal allows for more affordable units overall, increasing the share from 25% of units being income-restricted to 33%. An earlier plan had a lower income eligibility — 40% to 80% of the area median income. The approved plan expands that range to between 40% and 120% of AMI. That means a single person earning between $39,560 and $118,680 will be eligible — for a family of three, the range is $50,840 and $152,520, according to the federal government’s calculations of average incomes for New York City.

Political Implications

Interest in affordable housing at that location emerged as a surprise political test for candidates vying for a competitive House seat in the 10th Congressional District, with several major contenders at the time — including then-candidate Dan Goldman, who now represents the district — expressing support.

Hochul’s Efforts for Housing Affordability

Hochul has made housing affordability central to her administration’s agenda this year, though her efforts, including a since-defeated bid to mandate the creation of more affordable housing in the suburbs, have seen major setbacks.

Conclusion

This story has been updated to correct the percentage of units that will be income-restricted as well as the income ranges that define eligibility.

SDGs, Targets, and Indicators Analysis

1. SDGs Addressed or Connected to the Issues Highlighted in the Article:

• SDG 1: No Poverty
• SDG 11: Sustainable Cities and Communities

The article discusses the development of affordable housing at 5 World Trade Center, which directly relates to SDG 1 (No Poverty) as it aims to provide housing options for moderate- to low-income residents. Additionally, the development of affordable housing contributes to SDG 11 (Sustainable Cities and Communities) by promoting inclusive and sustainable urbanization.

2. Specific Targets Under Those SDGs Based on the Article’s Content:

• SDG 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property.
• SDG 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.

The article highlights the provision of below-market-rate housing for moderate- to low-income residents, which aligns with SDG 1.4’s target of ensuring equal rights to economic resources and access to affordable housing. The development of affordable housing at 5 World Trade Center also contributes to SDG 11.1’s target of ensuring access to safe and affordable housing for all.

3. Indicators Mentioned or Implied in the Article:

• Percentage of affordable units in the housing development
• Income eligibility range for the affordable units

The article mentions that one-third of the planned 1,200 homes at 5 World Trade Center will be reserved for moderate- to low-income residents. This indicates the percentage of affordable units in the housing development. Additionally, the article states the income eligibility range for the affordable units, specifying the income levels required for eligibility.

4. Table: SDGs, Targets, and Indicators

The table summarizes the findings from analyzing the article, including the relevant SDGs, their corresponding targets, and the specific indicators identified in the article.

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Source: gothamist.com

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