The first project in a New York State program to reuse hotels for affordable housing has kicked off near JFK, and it could spur developers to imitate the blueprint in other areas of the city.
According to an article in Commercial Real Estate website Globest.com, the owner of the Hilton hotel in Queens is selling the property to a joint venture who will convert the building into 300 housing units.
The state is contributing $48 million of the $150 million for the project through a program called Housing Our Neighbors with Dignity Act (HONDA), which converts financially-distressed hotels into affordable housing. About 60% of the units will be set aside for the homeless. The rest will be earmarked for low-income households. Rents will range from $1,200 for one-bedroom apartments and $1,500 for two-bedrooms.
In 2022, Governor Kathy Hochul signed legislation that eased the process in response to complaints from developers, especially in the boom in tourism that followed the pandemic.