Slate Property Group recently purchased a 296-unit complex in Corona with plans to renovate the roofing and solar panels, as well as make kitchen and bathroom apartment upgrades, all while making the buildings more affordable.
The affordable housing program at 54-09 and 54-39 100th St. in Corona was expiring, but with Slate’s purchase, the affordability will be extended for 40 years.
The Queenswood Apartments were built under the 421A program in the ’90s. With Slate’s ownership, a new affordability agreement will allow residents to remain in their homes at the existing rents. Upon re-rental, qualifying tenant incomes and rents for apartments will be lowered from 80-180% of area median income (AMI) to just 30-100% of AMI. This means families of three, for example, earning $38,000 will be able to rent a unit.
David Schwartz, principal at Slate Property Group, said that this community faced a very real risk of losing their affordable housing.
“Because Slate and the city’s housing agencies worked together, Queenswood Apartments will remain affordable — and become even more affordable — for decades to come. This is good news for residents and for Corona,” Schwartz said. “The improvements we’re making will help residents remain in place and transform these buildings into models of sustainability.”
NYC Housing Development Corporation President Eric Enderlin thanked the partners who made this opportunity happen for the Corona community.
“The city is fully committed to ensuring greater stability for New York City’s existing affordable housing residents through our ongoing preservation efforts,” Enderlin said.
NYC Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. said the city is experiencing an affordable housing crisis, but the Queenswood acquisition will “not just save but depend affordability for decades while residents benefit from major upgrades.”
The expiring 421A affordable housing program had 59 units set aside for low-income households earning up to 80% AMI and 236 units for households earning no more than 180% AMI.
The new affordable housing program through Article XI includes a 40-year term where current legal rents remain in place. Rents for new residents will be further restricted, with rents set to 30% AMI (35 units), 50% AMI (8 units), 80% AMI (230 units) and 100% AMI (22 units).
Local Council Member Francisco Moya mentioned that Slate has delivered an incredible project for the community.
“Every affordable apartment and building counts in a city that is currently facing a severe, once-in-a-generation housing crisis, like never seen before,” Moya said. “Without a doubt, Slate Property Group has delivered an incredible project that will let the tenants of Queenswood Apartments Complex keep living in an affordable, newly renovated, and sustainable building.”
The Queenswood Apartments are comprised of two, eight-story buildings with a playground and private courtyard, controlled access gated entry, a 24-hour laundry facility, and on-site parking.
