St. Jacques presents project details and MIH affordability breakdown
St. Jacques details the 13-story, 120,000-square-foot mixed-use building with 119 total apartments, 30 permanently affordable under MIH Option 1 (25% of residential floor area at 60% AMI weighted average, with 10% at 40% AMI). He notes Community District 4 has the sixth-highest rent burden in NYC at 54%, above Queens and citywide averages.
Again, this is a mixed-use building rising to 13 stories.
The R7X permits a floor area ratio, or FAR, of 6.0.
So the full development would be about 120,000 square feet with commercial and community facility space, as well as parking.
I'll note that the parking required here would be for about 13 spaces, but recognizing a demand in the area, we're providing about three times as much.
There will be a set aside for mandatory inclusionary housing.
Next slide, please.
which is shown on this slide here.
The proposed development has, again, 119 total apartments, 30 of which would be permanently affordable under MIH option one, which requires a set aside of 25% of the residential floor area
at a weighted average of 60% AMI with 10% at 40% AMI.
This results in 12 units at 40% AMI and 80% AMI and six at 60% AMI, representing a spectrum of affordability within this district.
Next slide, please.
Community District 4 has a critical need for housing.
We're 54% residents are rent burdened.
This is the sixth highest rent burden population in New York City and the second highest in Queens, higher than Queens overall at 46% and New York City overall at 44.5%.
So we believe that the introduction of new housing, investment and new development at the site with the inclusion of mandatory inclusionary housing would be appropriate and we welcome any questions.
Thank you.