Sale of Starrett City Moves Forward
By Associated Press | June 3, 2008
A plan to sell Brooklyn's Starrett City, the nation's largest federally subsidized housing project, will go forward after owners reached an agreement with federal, state, and city officials to ensure that it would be preserved as affordable housing, the Associated Press reported. Sale of the development will begin this week. The 140-acre complex was slated to be sold for $1.3 billion last year, but the deal was blocked out of concerns that the high price would lead the new owner to raise rents on the more than 5,000 apartments. Tenants and housing advocates have embraced the accord that would keep the housing project affordable for its mostly working and middle-class residents.
