Nearly two years ago, Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced that unsold condo projects and stalled construction projects would be turned into affordable housing in a new city program called Housing Asset Renewal Program (HARP). Now, that program has added its first building: A stalled condo at 382 Lefferts Avenue in Brooklyn which will offer 46 rental units.

There will be five studios, 28 one-bedrooms, and 13 two-bedrooms which will be "affordable to households earning 100 percent of the area's median income, $55,500 for a single person or $79,200 for a family of four," according to the Post. Crain's explains, "[The building's lender] agreed to restructure the original $8.3 million loan into a $6.1 million loan with help from a city subsidy of $64,500 per unit, or $3 million. The cost is lower than originally anticipated and cheaper than what it cost the city's Department of Housing Preservation and Development to build new affordable housing units."

Apparently the city is also in negotiations with four other developments with over 200 units. Quinn said, "I look forward to spreading this program and creating more affordable housing for moderate- and middle-income New Yorkers in other neighborhoods." Move-ins for 382 Lefferts would be ready in mid-2013 (election year!).