New York, NY - Dan Goldman, candidate for Congress in NY-10 and lead counsel for Donald Trump’s first impeachment, today joined the Coalition for 100% Affordable 5 World Trade Center in announcing the release of a study outlining the feasibility of developing 5 World Trade Center as 100 percent affordable housing. The independent analysis provides viable examples of how economically feasible, fully affordable housing can be developed at the site, with a preference for 9/11 survivors, first responders and their families.

“I lived in lower Manhattan on 9/11 and the redevelopment of the World Trade Center site is personal to me. Ensuring that 5 World Trade Center is 100 percent affordable is a moral imperative, and an opportunity to show a better path forward for development in New York - one that reimagines the relationship between public money and private development to lift up all New Yorkers,” Dan Goldman said. “The partnership between the World Trade Center developers and our government must include the developers giving back to the community that has given so much to them. I want to thank the Coalition for the hard work they have put in to get us to this point and I look forward to taking the mantle from Congressman Jerry Nadler as a partner in this fight.”

The study looks at two options for full affordability, one at 80 stories and one at 60 stories, that would not exhaust existing State affordable housing subsidies or divert funding from New York City’s public housing. Both options provide for a mix of income levels and include 20,000 square feet of community space. Either option would make 5 WTC the tallest affordable housing building in the United States.

Coalition member Mariama James said, “Creating 100 percent affordability at 5 World Trade Center would provide much needed desegregation to the areas surrounding the site. As of the 2020 census, the area encompassing Community Board 1 was only 4 percent Black and a mere 1 percent Indigenous. Further, it would benefit the 9/11 survivors and first responders, many of whom are facing health impacts from 9/11. We cannot afford to miss this opportunity to honor those directly affected by 9/11 and to recognize the Civil Rights Act of 1964, which prohibits segregation on public land.”

Study Author Professor Jerrod Delaine said, “This study was the culmination of many hours of research and exploration to understand the feasibility of developing 100 percent affordable housing at 5 World Trade Center. Because the site was acquired by the government using federal HUD funds, it affords a once in a lifetime opportunity to create world-class affordable housing in a community that has not produced much housing for New Yorkers with economic and cultural diversity.”

The options presented in the feasibility study provide an alternative to the current proposal for the site to build a luxury glass skyscraper of approximately 900 feet and 1,200 residential units, of which only 25 percent would be affordable.

Key Findings:

• A mix of units allocated equally among Section 8-eligible residents, residents earning 60% of AMI, and residents earning 100% of AMI would provide great affordability while providing the developer with an income stream to offset reduced rental income.

• The proposed equity required for this project will achieve an internal rate of return (IRR) 20%, making the project attractive to developers and investors.

• The proposed development would not utilize Low-Income Housing Tax Credits (LIHTC) financing, but would use real estate tax abatement programs and dedicated subsidies.

• As in virtually all affordable housing developments, the cost of this publicly owned land is assumed at reduced amount.

• The 60-story option would provide 810 units of affordable housing at an estimated overall cost of $910,000,000.

• The 80-story option would provide 1,620 units of affordable housing at an estimated overall cost of $1,438,000,000.

About the Coalition for 100% Affordable 5 WTC

The Coalition for 100% Affordable 5 WTC includes residents, affordable housing advocates, and grassroots organizations fighting for more affordable housing at the 5WTC site. For more information, go to https://affordabletower5.com/

About Professor Jerrod Delaine

Jerrod Delaine is a Professor at Pratt Institute and New York University; he is an experienced real estate developer with skill sets that include planning, design, construction, finance, affordable housing, and asset management. Jerrod is CEO of Legacy, a real estate development company focused on workforce and affordable housing. He spent the first portion of his career in architecture, and most of his efforts focused on managing affordable housing projects in the southeast region of the United States. Jerrod has a Bachelor of Science in Architecture and a Bachelor of Architecture from Florida A & M University School of Architecture and Environmental Technology. He has a Master of Science in Real Estate Development degree from New York University Schack Institute of Real Estate.

Dan Goldman and his wife, Corinne, live in lower Manhattan where they are raising their five children. In 2019, Dan Goldman served as lead counsel for the impeachment investigation of President Donald J. Trump for abusing his office for his personal interest regarding Ukraine. In that role, Goldman led depositions and questioned witnesses in public hearings, and testified before the House Judiciary Committee.

Prior to that, Goldman served for a decade as an Assistant United States Attorney in the Southern District of New York working with Preet Bharara. In that role, he held powerful actors accountable and made our city safer. He took on some of the office’s biggest and most consequential cases: prosecuting violent criminals and gun trafficking, mafia bosses and Russian organized crime, and landmark insider trading and major corporate fraud cases. In law school, Goldman contributed to Michelle Alexander’s seminal book, The New Jim Crow, which addressed the inequalities in our criminal justice system.

The Democratic Primary in New York’s 10th congressional district is on Tuesday, August 23.