Affordable Home Ownership Approved by CB1 on the former Riccardo’s Site

CB 1 Approves Rezoning

Community Board 1 has recently approved rezoning for the former Riccardo’s by the Bridge site, paving the way for a new eight-story mixed-use building at 21-01 24th Avenue. The project is the first in Community District 1 to create affordable condominiums, making affordable home ownership a real possibility. This development will feature 54 units, 16 of which will be permanently affordable. A second project at 21-16 24th Avenue will transform the old parking lot into a residential building with 12 affordable out of 30 total units.

Putting Home Ownership on the Table

The affordable units, because they are permanent, will not allow the purchasers to accumulate equity beyond recovery the original cost plus a cost of living increase, which will in effect allow for recovery of previous housing costs upon resale. But they will also not be charged any maintenance fees.

The rezoning fits into a broader strategy to increase residential space and integrate affordable housing across Astoria, targeting families making 80% of the area median income. Despite concerns about the true affordability for lower-income residents, the board’s decision reflects a step towards addressing the city’s housing needs.

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