Agencies team up to finance affordable housing in Brooklyn

TRD New York /
Jul.July 28, 2010 06:30 PM

The Community Preservation Corporation has partnered with the U.S.
Department of Housing and Urban Development and the New York City
Department of Housing Preservation and Development to provide $9.8
million for the gut renovation of two affordable housing developments
in Brooklyn. According to Robert Riggs, senior vice president and
regional director of CPC’s Brooklyn office, both of these projects are
sponsored under HUD’s 203 K program which is specifically designed to
focus on the rehabilitation and repair of residential properties that
have rents that are affordable to families earning 80 percent of the
area median income.

“Because of programs like these,” he said, “we have been able
to restore and preserve our city’s affordable housing stock in the
communities where it is needed the most.” For one property, in Bedford
Stuyvesant, CPC provided $1.4 million in permanent financing, ahead of
$3.6 million in subordinate financing in the form of HUD 203 K funds
that have already been used renovate these four, three-story
multi-family buildings containing 26 units. The other property, in
Flatbush, includes four scattered three-story multi-family properties
with 26 residential units that have received $637,866 in permanent
financing from CPC, ahead of $4.2 million in 203 K funds from HUD.
Since its founding in 1974, CPC has invested more than $7.4 billion in
more than 137,000 units of housing. TRD

 

Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Clockwise from top left: 179 Beach 38th Street (Far Rockaway), 200 Beach 54th Street (Far Rockaway), 691 Zerega Avenue (Bronx), Jefferson Field at 12506 Flatlands Avenue  (East New York), 598 Beach 43rd Street (Far Rockaway), 114-200 Beach 36th Street (Far Rockaway) and 201 Beach 60th Street (Far Rockaway) (Credit: iStock, Google Maps)

Whatever happened to the city’s largest vacant lots?

 NYCHA CEO Gregory Russ and NYCHA houses (Credit: Minneapolis Public Housing Authority and Getty Images)

NYCHA head: Agency now needs $40B in repairs

Carl Heastie highlighted homelessness and housing affordability in remarks to open the 2020 session (Credit: Facebook, Getty Images)

Heastie drills down on homelessness, affordable housing

147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

Creston Apartments at 2030 Creston Avenue in the Bronx (Credit: Google Maps, iStock)

Construction firm with alleged mob ties worked on Bronx affordable housing project

2000 Valentine Avenue and 1985 Webster Avenue (Credit: Google Maps)

Investors partner on $170M Bronx affordable housing purchase

arrow_forward_ios
Loading...