Hudson Development received $43 million in financing last week for an
East New York project that will be the first affordable housing in the
outer boroughs to have solar panels. Construction of the 176-unit
building, going up at 1490 Dumont Avenue in Brooklyn, is slated to
begin July 7, with completion expected by spring 2011. The project is expected to cost $50 million, according to Aaron
Koffman, a senior project manager for Hudson. The financing received
last week came in the form of $26 million in tax-exempt bonds issued
through the New York City Housing Development Corporation, a $9 million
mortgage also from HDC, a $4 million loan from a city loan program
called New York City Housing Trust Fund, and a $4.2 million loan from
the Department of Housing Preservation & Development. Hudson also received Resolution A funding of an undisclosed amount,
allocated by the office of Brooklyn Borough President Marty Markowitz. [more]