Case study · Mandatory Inclusionary Housing · Alloy Development · 2023–2024
The project
The Alloy Block is a five-building, mixed-use development in Downtown Brooklyn delivering residential, educational, office, cultural, and retail space. 505 State Street is the living heart of the block — a 44-story tower that opened as Brooklyn’s first all-electric skyscraper. The project was developed and designed by Alloy Development (Jared Della Valle), with affordable delivery partner Fifth Avenue Committee.
505 State Street delivered 441 rental apartments, of which 45 were designated affordable under Mandatory Inclusionary Housing. The affordable component included multiple AMI bands and dedicated disability set-aside units.
The challenge
Mid-project continuity. When the project’s original Administering Agent was unable to continue, Housing Line — Regtime’s affiliated HPD-approved Administering Agent — was asked to plan and execute marketing and leasing of the Inclusionary Housing units on a compressed timeline. As an MIH project, 505 State Street had:
- Multiple AMI bands to administer simultaneously.
- Disability set-aside units that must be filled first.
- Community preference and other preferences stacked above the general pool.
- A much shorter window than a greenfield lease-up would have permitted.
The execution
Housing Line leveraged its institutional relationships with HPD’s Inclusionary Housing program, its existing knowledge base on MIH compliance, and its proprietary technology stack to absorb the project without marketing delays. The key operational move was running all set-asides and preferences in parallel rather than sequentially — simultaneously reviewing applications from the disability tier, the community preference tier, the municipal employee tier, and the general pool, with appropriate scope controls to maintain lottery integrity.
Real-time leasing updates ran 24/7 through Housing Line’s client portal, giving Alloy Development continuous visibility into review velocity across all AMI bands.
The outcomes
- 100,783 applications received via Housing Connect.
- 373 applications processed.
- 45 affordable units filled — 100% of the set-aside.
- Lease-up completed on the client’s accelerated timeline.
- Smooth transition into long-term Inclusionary Housing compliance monitoring.
What this project established
505 State Street is a reference case for mid-stream Administering Agent transitions. The key lesson: processing capacity and HPD institutional relationships matter as much as technology. A firm coming in cold would have spent months learning the project. Housing Line’s combination of existing platform, HPD relationships, and process depth meant the transition added essentially no time to the critical path.
