From Convertibles to Rentals

From Convertibles to Rentals.

The New York Times (8/19, Fischler, Subscription Publication, 950K) reports a former car dealership in New York will soon transition into a housing development of 96 housing units as part of the state's "'Blight to Light' program," which aims to "clean up derelict sites." Developer Jim Tsunis "estimates that Blight to Light will probably save him 'a good year' out of a costly and lengthy approvals process typically choked with red tape," and the Times notes the development will "provide housing affordable to young people interested in staying on the Island - a feasible rental alternative to living with their parents or in a basement apartment." In partnership with the Long Island Housing Partnership, Tsunis plans to "limit rentals to those earning 80 percent of median area income, which for a family of two in Suffolk County is $67,900."