The idea of affordable housing starts with a need. Right now, the state of New York is in need. According to the National Low Income Housing Coalition, it’s estimated the Empire State has nearly a million extremely low-income renter households; but there’s only 36 affordable housing units for every 100 households.
When it comes to building affordable housing, in addition to construction and crunching the numbers, it’s also a waiting game. Every project is different with its own set of challenges.
“A seven-year process just to get from inception to a shovel in the ground,” said Jonathan Gertman, seniro vice president of development for the NRP Group…