Grand Street Guild Apartments
New York, New York
November 21, 2019
TO: Residents of Grand Street Guild Apartments
FROM: Grand Street Guild
RE: SECTION 8
We are writing to summarize the locked-in affordability restrictions applicable to the Grand Street Guild Projects at 131 Broome Street, 460 Grand Street, and 410 Grand Street. We want you to know you can be assured that your apartment’s affordability is safe and secure.
Section 8
In August 2015, each of the Grand Street Guild Projects entered into a new Project Based Section 8 Contract with HUD which runs for a term of 20 years through September 1, 2035. In addition, each Project signed an extension to the Section 8 Contract which provides that upon expiration in 2035, the Contract shall automatically renew for a term of 15 years through August 30, 2050.
This means your Section 8 subsidy is safely in place for the next 30 years through 2050. The Guild will use its best efforts to extend that term whenever possible.
Use Agreement
In addition, in 2012, each Project entered into an Agreement with HUD which provides that, through May 1, 2050, the 600 units at 131, 460 and 410 shall be used solely as rental housing for Low Income Families (persons or families whose annual incomes do not exceed 80% of the Area Median Income) or Very Low Income Families (persons or families whose annual incomes do not exceed 50% of the Area Median Income).
This means that for the next 30 years vacant apartments at each Project shall only be rented to Low or Very Low-Income families.
Please contact the Management Office if you have any questions.
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