Feasibility Analysis for an Affordable and Market Rate Housing Development in Queens

Financial Feasibility Study: Flushing LIRR Station

Project

Financial Feasibility Study: Flushing LIRR Station

Location

Queens, NY

Client

Flushing Willets Point Corona LDC

AKRF’s Economic and Real Estate Advisory Services group evaluated the feasibility of developing affordable and market rate housing on a parking lot owned by New York City Department of Transportation (NYCDOT) in Flushing, NY.

Primary community concerns were the lack of affordable housing, senior housing, and parking. From a financial perspective, parking requirements and the complexity of the site presented formidable challenges in terms of making the development of affordable housing cost-effective.

Our scope of services included:

  • Analyzing multiple, mixed-use development scenarios from both a financial viability and community needs perspective
  • Modeling the acquisition, development, and operation of the project incorporating Low Income Housing Tax Credits (LIHTC) and HOME subsidies to bridge financial gaps
  • Presenting findings to the Mayor’s Office and the New York City Department of Housing Preservation & Development (HPD)

HPD is expected to release a developer Request for Proposals (RFP) for the site in 2014.

Economics Overview