New York City pensions to fund $250 million apartment venture newsday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsday.com Daily Mail and Mail on Sunday newspapers.
Hudson Companies President David Kramer and Comptroller Scott Stringer. (Getty)
New York City Comptroller Scott Stringer’s office has endorsed a newly announced partnership between two city pension funds and Hudson Companies to develop housing for middle-class families.
But the $250 million project’s mix falls short of the affordable housing plans that Stringer and other mayoral hopefuls have campaigned on, proposing rents that housing advocates say misses the mark.
Intended to house the working class, the partnership’s plan allots city pension funds to build homes across the five boroughs and surrounding counties. If similar projects from the past are any indication, about 30 percent of units in New York City buildings will likely be set aside as affordable to those earning the area median income, or AMI. The rest will be for households earning up to 200 percent of AMI.
Ghanaian filmmaker and actress, Yvonne Nelson has taken to the streets of Twitter to share insights on how one can easily become rich in Ghana.
Yvonne Nelson who has been speaking to power protesting for better governance and was actively involved in the #FixtheCountry campaign about two weeks ago revealed that one can enrich their life by doing politics or going into full time ministry.
According to the mother of one, politicians and pastors especially head and founding leaders of churches are able to afford a good life therefore she suggested starting a church or delving into the business of politics as one of the surest way to making wealth.
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The Hudson Companies has entered into a partnership with two
of New York City’s largest municipal employee retirement systems that will
invest $250 million to build green workforce housing across the region.
Those two pension systems the New York City Employees’
Retirement System, and the Teachers’ Retirement System of the City of New
York have allocated city pension dollars towards the creation of workforce
housing in the five boroughs of New York City as well as Nassau, Suffolk,
Westchester, Putnam, Orange and Rockland counties.
The fund is expected to provide the City of New York’s
pension systems with a competitive return on its investment.