July 13, 2024

Housing Finance Development

It's Your Housing Finance Development

Boost for 5WTC Megatower: $31 Million in Shifted Jobs and Parks Funds

A planned supertall apartment tower at Ground Zero is poised for a potential $31 million government funding boost — using money designated after 9/11 for lower Manhattan job creation and waterfront improvements.

The U.S. Department of Housing and Urban Development last month approved a proposal by the Lower Manhattan Development Corporation to redirect $21 million from a joint state/city jobs program and about $10 million from waterfront funds for unspecified “affordable housing” purposes.

In July, Gov. Kathy Hochul announced that the planned 900-foot residential skyscraper to be built by Silverstein Properties and Brookfield Properties at 5WTC would have one-third of its apartments set aside as affordable housing — frustrating advocates who had sought to have all apartments in the new tower be affordable.