The trio also worked to increase the amount of financing provided in order to construct larger buildings with more units and to make the apartments as affordable as possible to families with a range of incomes. There will be a lottery for the affordable units and, assuming the necessary state approvals are obtained in a timely manner, construction begins next summer.

Forest City Ratner president Bruce Ratner says that the program "ensures that people in all economic brackets have access to these apartments, retaining the character of the borough and the city." The entire project is expected to create more than 12,000 construction jobs and approximately 8,500 permanent jobs. According to an economic analysis completed earlier this year for the city's Economic Development Corp., the net fiscal benefit to the city and state from the project is estimated at $1 billion in present value over the next 30 years.

In March, Forest City signed a memo of understanding with New York State and New York City for the development of the Atlantic Yards project here. The $2.5-billion effort involves the development of a Frank Gehry-designed arena for the New Jersey Nets basketball team as well as an office, retail and residential project at the intersection of Flatbush and Atlantic avenues. Ratner owns the team. The first phase of construction on the arena is expected to begin at the end of this year and be completed in the summer of 2006.