Here’s a new affordable housing opportunity on the Lower East Side. Yesterday the city began advertising 16 rental apartments in the new luxury rental project at 331 East Houston St. The building was constructed through the city’s inclusionary housing program; 20% of the apartments were set aside for applicants with household incomes ranging from about $30,000 to $50,000.
The 78-unit complex near Ridge Street includes a roof deck, gym and part-time doorman. Each apartment has a washer and dryer. Renderings were previously released of the building’s common areas.
The affordable studios are priced at $847/month, 1-bedrooms at $909 and 2-bedrooms at $1101. Half of the affordable units have been set aside for residents of Community District 3, which includes the East Village, Lower East Side and most of Chinatown.
The project was built by Halpern Real Estate Ventures. The development site was sold by the estate of William Gottlieb in 2012 for $12.4 million. The developer took advantage of the inclusionary housing program as well as the 421-a tax abatement program.
The application deadline is June 29. Click here for more info.