Pols worry about affordability of Astoria Cove Housing

On Monday, the City Council held a hearing on the proposed Astoria Cove project, with many questioning the developers on the affordable housing they have promised to the community.

2030 Astoria Developers, which includes Alma Realty, has proposed that the five-building development have 345 of 1,700 apartments be affordable housing, or 20 percent of the project.

A rendering of the Astoria Cove development.

The development will also include retail shops, a school and a waterfront park.The affordable units are meant for households making 80 percent of the Area Median Income (AMI). Astoria Councilmember Costa Constantinides, however, pointed out that the area’s zoning allows for Alma Realty to build affordable units but market them for residents with a higher income.

“The developer has the option to build only 10 percent of the units at 80 percent AMI, while the other 20 percent remaining affordable units could go up to 175 AMI,” Constantinides said. “That’s the equivalent of paying $2,700 a month for a one-bedroom.”

The average annual income in Constantinides’ district is about $56,000, or 74 percent of the AMI.

“Not only is this not affordable, but these rates are actually above market for the vast majority of my community,” he said.

“Until Astoria Cove is made affordable for actual Astorians, I cannot support this project.”

After being approved by the City Planning Commission last month, the Council is expected to vote on the proposal in the coming weeks.