Council Member Brewer asks why Bloomingdale Library is only partially affordable
She asks why the Bloomingdale Library project is only partially affordable while the other two are 100%; Garodnick says the other two are 100% affordable, and the Bloomingdale site can cross-subsidize; Sandler says they lack capital resources and use creative strategies.
Bloomingdale Library.
Yes, Michael, but why is it only partially going to be affordable?
Are the other two libraries 100%?
Are we the only one that is partially?
The other two libraries are 100% affordable.
Oh, how did I guess?
On sites that can accommodate really significant density and that have the opportunity for the non-affordable units to cross-subsidize the creation of the new capital needs of that facility.
Then why do you say we want to build in areas like Board 7 but not really to the max?
Because that's what you're saying.
You're saying we're on city-owned land, but we're not going to take advantage.
We're going to the Bronx like you always do.
We don't want to build.
Affordable, really, in Manhattan.
That's what you're saying, when you're only doing MIH to 25%.
We're not only doing MIH to 25% in Manhattan.
We do have 100% affordable projects.
At this library.
We have WISFISH project in your community, and we do want to finance 100% affordable housing in Manhattan.
But it's not.
It's only 25%.
So the city has a lot of aging facilities across the city.
We do not have the capital resources to maintain all of the city's resources and amenities.
And we need to use creative strategies that can finance the replacement of these facilities.
Efficiently and with limited strain on the city's resources.
I just want to be clear that I want 100% at that library, and the city is saying no, just so we're on the record.