Steps Mark Progress in BPCA’s Efforts to Promote Housing Security for Low- and Moderate-Income Condominium Owners
The Battery Park City Authority today announced two interconnected steps in its efforts to assist low- and moderate-income residents of owner-occupied Battery Park City condominiums from significant ground rent increases. As part of its strategic plan, the Authority continues to pursue tactics to ensure a balanced residential community and reduce barriers to affordable home ownership for these residents.
First, the Authority released a survey of condominium owners in the neighborhood to gather information pertaining to income, residency, and other related matters. Accessible from the Housing Affordability page on BPCA’s website, this optional survey and the information gleaned from it will help identify potential beneficiaries and assist in the development of the condominium owner ground rent assistance program resulting from the second step announced today: the release of a request for proposals (RFP) to identify a firm that will help finalize and administer this program. Under the preliminary framework set forth in the RFP, owner-occupied condo units in Battery Park City whose owners are at or below 130% of the Area Median Income (AMI) would have their ground rent frozen from significant increases, which otherwise could render their housing expenses unaffordable.
Battery Park City’s 18 condominium buildings, comprising approximately 3,700 units, are built on public land owned by BPCA and leased to the condominium owners pursuant to agreements executed prior to the construction of each building. As part of their unit’s common charges, each owner is responsible for paying Payment in Lieu of Taxes (PILOT), the amount of which is set by the City of New York and comprises about half of their charges, and ground rent, which is determined by existing agreements with BPCA and comprises about 15% of their charges.
“As we work to make Battery Park City a more inclusive community, we will continue our efforts to assist those in our neighborhood who need help,” said BPCA President & CEO B.J. Jones. “Though there are many factors contributing to housing costs in our community, in the year ahead we will do our part by finalizing and implementing a need-based ground rent assistance program to help low- and moderate-income residents who have called Battery Park City home.”
These important steps build on past progress to expand and preserve affordability in Battery Park City, including an extension on rent increases for long-time residents of Gateway Plaza, the preservation of affordable housing for decades at Tribeca Pointe, and the prior elimination of significant ground rent increases for 12 of the 18 condominium buildings in 2011, saving residents of those buildings nearly $280 million.
Read more about Battery Park City’s affordability efforts on its Housing Affordability Page here.
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