HPD Finally Begins Work Converting 244 Elizabeth Into Affordable Co-op Housing

Posted on: November 12th, 2013 at 6:00 am by

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244 Elizabeth St is undergoing a conversion to affordable housing

It’s been waiting on a friend renovation for a decade. Now the day is nigh.

The derelict, century-old tenement at 244 Elizabeth Street is coming back to life. Back in September, the Department of Housing Preservation and Development (HPD) happily announced that work would finally begin on converting the formerly city-owned rental building into an affordable low-income co-op. Its thirteen relocated residents are reportedly set to return upon completion of the $3.9 million project.

HPD, the owner since 1977, sure took its sweet ass time to mobilize. The aforementioned tenants were moved from 244 Elizabeth Street over five years ago ahead of the promised conversion. “Waiting more than a decade for this reconstruction to become a reality has been truly challenging for the tenants of 244 Elizabeth Street,” Tenant Association President Krista Retto said. “In the waiting, children have grown up away from their homes, and we’ve even lost some of our elder tenants. But, we are also grateful.”

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Regardless, a lot has changed around here since they’ve been gone…

The rehab itself, which will yield nineteen residential units, is made possible through the Affordable Neighborhood Cooperative Program, with AAFE acting as developer. The resultant co-op will be owned and managed by the tenants.

“It has been a long road for the residents of 244 Elizabeth Street, and I am so pleased that their dream of owning a home will finally become a reality,” said New York City Council Member Margaret Chin at the time. “I thank the NYC Department of Housing Preservation and Development, Asian Americans for Equality, and all of the local partners here today for their commitment to a goal we all share: the creation of much- needed affordable housing in our city.”

During this extended hiatus, 244 Elizabeth Street since became choice real estate for graffiti artists.

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