Parents and caretakers pushing around — and valet parking — high-priced baby strollers. The average rent for just a one-bedroom apartment is $2,644, up from $1,503 in 2009. These are some of the reasons Brooklyn’s Park Slope neighborhood has earned a reputation for affluence. But that’s not stopping the Fifth Avenue Committee (FAC) from fighting to preserve and even grow Park Slope’s supply of affordable housing.
In that effort, the nonprofit community development corporation is using a financing approach that has largely flown under the radar: tapping into retirement assets. At a time when the National Low Income Housing Coalition calculates that there’s only 35 affordable units available for every 100 of the country’s poorest renters, and government subsidies for affordable housing are shrinking while building costs are increasing, turning to America’s retirement piggy bank could be an important part of the solution.