Big Win for Basements
Commercial Observer
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New York City has introduced a pilot program to spur the construction of (legal) basement apartments and accessory dwelling units (aka in-law suites and granny flats). The move could in turn spur other housing-starved urban areas to do the same. Also for today, Starwood Property Trust has a new consultancy born of the disruption in commercial real estate finance.
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— Tom Acitelli, Deputy Editor
NYC Announces New Funding for Accessory Dwelling Units and Basement Conversions
New York City’s Department of Housing Preservation and Development (HPD) has announced a new pilot program to help homeowners add an extra apartment in a basement, backyard or garage, as the city considers rezoning lower-density neighborhoods to allow for accessory dwelling units (ADU). The city has secured $2.6 million in state funding for the effort, which would be split 50-50 with the city on each specific project. Homeowners would be eligible to receive up to $395,000 apiece to cover construction and design costs, and the pilot program would cover accessory dwelling unit projects at up to 15 single-family homes. “By paving the way for easier, more affordable accessory dwelling unit conversion, we are delivering a tangible win for families,” said Mayor Eric Adams in a statement.
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Starwood Solutions Launches, Ready to Tackle Loan and Portfolio Issues
If there’s something that the commercial real estate industry has plenty of today, it’s problems to contend with: problem loans, problem assets, problem portfolios or the overarching yet ubiquitously human problem of timely decision-making in a paralyzingly uncertain market. While the pandemic underscored early weaknesses in many CRE portfolios, the past 18 months’ rising interest rate environment has laid bare issues that can no longer be kicked down the road. In times like these, without a bat signal or the ability to slam the Ghostbusters alarm, you need someone (real) to call. Enter, Starwood Solutions.
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1 年Very interesting move, considering all the violations issued for illegal units. I wonder what the process will be then will be to legalize the units with so many penalties already.