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Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)
For many minority developers, building the necessary capacity and experience to win a steady stream of work in New York City has been an uphill battle. Now, some feel that the city is trying to add an extra hurdle just as they are able to successfully compete.
A group of developers has called on the City Council to withdraw or amend a bill that would limit the transfer of city-owned land intended for affordable housing to nonprofit developers.
In a letter to Brooklyn Council member Brad Lander, the bill’s sponsor, the developers argue that the measure would “disenfranchise Black, Brown and women-led for-profit development companies and relegate people of color to being merely tenants and clients of nonprofit organizations within the affordable housing world.”
A group of private developers will repair more than 1,700 public housing units in New York after securing a $271 million loan, according to a report in Real Estate Weekly. The New York City Housing Authority struck the deal with PACT Renaissance Collaborative, a joint venture between Monadnock Development, Community Preservation Corporation, Community Development Trust, Kalel Holdings, Lemor Development Group, and Community League of the Heights (CLOTH), according to the report. As part of the deal, NYCHA will lease 16 of its properties to the joint venture, which will be responsible for fixing and operating the units. NYCHA will maintain ownership of the properties and administer rent subsidies through the Section 8 voucher program, and will also “monitor conditions at the developments, preserve resident protections and guarantee permanent affordability,” according to the report.