From Newsday:
A new word in housing: affordable
BY RANDI F. MARSHALL
A silver lining in the housing downturn emerged Thursday, as more than 100 real estate professionals gathered for a regional real estate conference.
With home prices dipping in some areas and builders complaining about a slowdown in business, a new effort to construct affordable housing on Long Island may be under way – although there are still plenty of roadblocks.
As real estate agents, mortgage bankers, builders, housing advocates and public officials discussed the state of Long Island housing during a conference called Real Estate Next, some indicated the softening of the market might open a door for new affordable developments or additional affordable components to existing projects.
“It’s good work in a slow market because affordable housing sells and there’s always demand for it,” said builder Michael Dubb, who heads the Beechwood Organization in Jericho,which is getting approvals now for an affordable project in Queens called Edgemere.
Indeed, the Long Island Housing Partnership, an affordable housing organization in Hauppauge, is busier during market slowdowns, president Peter Elkowitz said. And specific projects are necessary because small market-based price declines aren’t enough to help many families, he added.
Actually, according to “The largest list of oxymorons ever collected online” (http://www.oxymoronlist.com), it is.
jb
Actually, if you are a smart developer and poltically savvy. And your top-of-the line luxury condo building is going belly up because of the bubble crash.
One way out is to massage the political system -especially if you are located in political dubious area (political machine towns).
You will lose control, lose some money & have to drop the “Luxury” thing out, but you wont lose your shirt. You’ll look good to the community & may actually do a great public good. But many ways out exist.
Things done in the past include:
-Rapid Section 8 Certification -all the apartments are rented out to waiting Section 8 families.
-Unknown if still available under Pres.Bushito -but HUD grants to help qualify people purchase the Apts.
-All the above, usually come with sometype of property tax abatement/suspension.
Funny, Old Politician and I were working on essentially the same post in different ways.