Friday, March 21, 2008

A statement from ACORN: "every confidence" in Forest City Ratner

Bertha Lewis, Executive Director of NY ACORN, issued a statement regarding the Atlantic Yards stall:
"Forest City Ratner made a commitment to ACORN and to the people of Brooklyn to deliver on a historic plan for affordable housing. While the credit crunch and the downturn in the economy may lead to some delay, we continue to have every confidence they will live up to their commitment. This commitment was the basis for our support and the support of elected officials at the local, state and federal level.”

OK, but did ACORN and the elected officials know--or should they have known--how tough it would be to get access to the limited pool of affordable housing financing? That preceded the credit crunch, so even if Forest City Ratner could raise conventional funding for the project, it still might have trouble raising money for the affordable housing.

Also, while the project was under consideration, city officials refused to reveal the subsidies required to build the affordable housing. So that staved off a discussion about that limited pool of housing bonds.

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