Re: 115 Winthrop Square | Financial District
As a rule I favor on-site affordable housing (integration is better than separation), but the ACDC is a solid organization, and I hope this development is approved and is a further boon to their efforts.
The support from the Asian-American community is because ACDC (Asian Community Development Corporation) is the designated developer for the off-site affordable housing for Millennium's proposal.
This proposal is operating under the new city rules for the affordable housing component.
Millennium has chosen to fund off-site rather than including affordable units in the tower. Under the new rules this means that they don't just pay a fixed fee per unit, they actually have to ensure delivery of the requisite number of affordable units (I believe it is 54 for this project). And that delivery has to be timely with respect to project delivery, in the same general neighborhood as the main development (some flexibility) and is not capped in cost -- they have to deliver the specific number of units regardless the cost.
ACDC hopes to use this support to jump start their next major affordable development near Chinatown -- One Greenway was their last project.
As a rule I favor on-site affordable housing (integration is better than separation), but the ACDC is a solid organization, and I hope this development is approved and is a further boon to their efforts.