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

Financial Feasibility Study: Flushing LIRR Station


Financial Feasibility Study: Flushing LIRR Station


Queens, NY


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