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Directory of NYC Housing Programs

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Williamsburg Cross Subsidy

Program (?) Williamsburg Cross Subsidy
Program Description

Williamsburg Cross Subsidy 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.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 1990-1991
Developer/Owners (?) For-Profit
Property Information (?)  
Property Type
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Low-Income
Other Targeting Information (?) Geographic Restrictions
Available on CoreData.nyc? No

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