Affordable Housing Opportunity at 60 Water Street aka Dock Street Dumbo Apartments

Community Board Number 2 has notified the public that 60 Water Street (aka Dock Street Dumbo) building is accepting applications for 58 affordable housing rental apartments. This building is being constructed through the Deep Rent Skewed and Low Income Housing Tax Credit Programs and Financing provided by New York State Housing Finance Agency’s (HFA). There are 8 studios ($686 per month), 30 one bedrooms ($737 per month), and 11 two bedrooms ($893 per month). Applicants will be required to meet income and additional criteria per the following table:

Applications can be downloaded here are now closed and must be returned by regular mail ONLY and must be postmarked by April 7, 2014. Applications will be selected by lottery; applicants who submit more than one application will be disqualified. Disqualified applications will not be accepted. Preference will be given to New York City residents. Current and eligible residents of Brooklyn Community Board 2, during initial occupancy, will receive preference for 50% of the affordable units.

According to the January 2014 rental report (posted earlier this week), average Dumbo rental apartments are $2,783, $3,939, and $5,033 for one, two, and three bedroom apartments.

Curbed received an update from Two Trees:

The project architects are LEESER Architecture and Ismael Leyva Architects. The building is massed so that the lowest portion is 7 stories, stepping up to 9 stories along Water Street and 17 stories along the eastern property line (the furthest from the bridge.) The building will have a total of 290 units, including 58 affordable units. The marketing of the affordable units, with a preference for Community Board 2 residents, will begin very soon. The affordable apartments will be available at 50% and 40% of area AMI. Rents will range from about $500 to $1000 per month. The remaining units will be market rate. No pricing info yet. The apartments should be ready for occupancy in the first quarter of 2015. There will be a 300 seat public Middle School with an entrance along Dock Street and some ground floor retail along Water Street. We will turn over the core and shell of the school space to the School Construction Authority this August. They have estimated a two-year build out of the school interior, in time for September 2016.