Developer Slate Property Group recently closed on Queenswood Apartments, a 296-unit complex in Corona, Queens, constructed in 1990, that had been facing the expiration of its two building’s affordable 421A housing program. Located at 54-09 and 54-39 100th Street, the pair of eight-story buildings will now see affordability extended for 40 years and deepened through the efforts of Slate, the NYC Housing Development Corporation, and the NYC Department of Housing Preservation and Development.

Slate plans on making renovations to the complex that will boost sustainability, including new roofing, solar panels, insulation, and upgrades to existing kitchens and bathrooms. Additionally, under the new affordability agreement— known as Article XI, current residents will remain in place at their existing legal rents. Upon re-rental, qualifying tenant incomes and rent-stabilized apartments will be lowered from 80 to 180% of the area median income (AMI) to just 30 to 100% of AMI. “That means families of three earning as little as $38,000 will be able to qualify for units, compared to a minimum of roughly $100,000 today,” notes a press release.

“There was a very real risk that this affordable community could have gone the way of so many others. But because Slate and the City’s housing agencies worked together, Queenswood Apartments will remain affordable—and become even more affordable—for decades to come,” said David Schwartz, Principal at Slate Property Group. “The improvements we’re making will help residents remain in place and transform these buildings into models of sustainability.”