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The $50 million will be used for subsidies tied to the Liberty Bond program, the federal program that offers low-cost financing for developers to construct rental housing in Lower Manhattan.
Developers will be allowed to construct rental towers, with 80 percent of the apartments made available at market rates and 20 percent subsidized for working- and middle-class families.
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The area's first newly constructed rental building in recent years is almost ready at 15 Cliff Street.
"People started asking for it," said Jose Rojas, a manager at Packard Square Cleaners, nestled at the base of a recently constructed rental building.
Already in place are 162 modularly constructed rental and condominium apartments that the developers put up in the last 20 months on a pier jutting 800 feet into the water.
Now LCOR, based in Berwyn, Pa., is constructing 500 rental units in two towers that are to be ready for occupancy beginning in the spring of 2003.
A joint venture of Woodmont Properties and Roseland Properties is to construct 218 upscale rental apartments at the state-designated Transit Village project next to the train station.
A uniform land use review procedure last year allows GFI to construct a 350-unit rental building next to the office space.
Eurêcook is an action research program aiming to construct and test a rental service offer for small household equipment in a medium-size French conurbation.
Though he has done conversions of both condominiums and rentals in Dumbo, he decided to make his first newly constructed venture a rental, he said, because "we own virtually everything in the neighborood and we want to retain control".
But for John Struthers and a group of people in north-east London, the capital's property shortage and price boom has prompted a more innovative solution still: constructing your own rental property.
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