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Directory of NYC Housing Programs

Williamsburg Cross Subsidy Fund

Williamsburg Cross Subsidy Fund was initiated as a response to scarce land and a lack of affordable housing in the Williamsburg neighborhood of Brooklyn. The program was meant to gut rehabilitate vacant, badly deteriorated existing apartments in a mix of private and city-owned properties. In order to raise capital to fund the program, the city sold vacant land to private developers. Other city money was made available in the form of low-interest loans to low-income homebuyers. Overall, the goal of the Williamsburg Cross Subsidy program was to earn high profits in rental or sales in order to subsidize lower-income buildings in the 40-acre Williamsburg Urban Renewal Area. In 2013, Community Board 1 proposed to use the Williamsburg Cross Subsidy Fund for the Williamsburg II Urban Renewal Area.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: 1991 - 1996
  • Occupancy tenure: Rental, Homeownership
  • Construction Type: New Construction, Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: For-profit
  • Geographic Restrictions: Williamsburg
  • Income Restrictions: Low-income

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