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Hudson secures $43M for green East New York project

1490 Dumont Avenue

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.

The developer also expects to receive a low-interest $225,000 loan from the New York State Energy Research and Development Authority, for participating in the agency's energy efficiency program.

Hudson officially refers to the project by its address, although the company has played with the idea of naming it Dumont Green at some point in the future.

The project will include a 6,000-square-foot courtyard and playground area.

Leasing is expected to begin in July 2010. Leases will be assigned via a city-administered lottery system.