HARLEM — The new owners of the Riverton Square housing complex will get $100 million in tax breaks to preserve 975 affordable units.
Part of the sale includes an agreement to keep most of those units affordable for 30 years. The city council’s Finance Committee approved the tax breaks Wednesday, records show.
“The original mission at Riverton was to provide solid, middle-class housing for the Harlem community,” Wright told the Times. “I think this deal will preserve that mission.”
Those units will be divided into three income levels.
A family of three earning up to $46,620 a month can rent an apartment for $1,165 a month, families earning up to $62,150 can rent for $1,550, and those who earn $97,125 a month will be able to rent for $2,425 per month, the paper reported.