Rendering of CAMBA Gardens at 690 and 738 Albany Avenue
A 209-unit affordable housing development will replace two vacant Kings County Hospital Center buildings in September 2013, Crain’s reported. CAMBA Housing Ventures and Enterprise Community Invest recently closed on the $67 million purchase of the site at 690 and 738 Albany Avenue in Flatbush. The partners plan a pair of six-story, LEED gold-certified buildings designed by Harden + Van Arnam architects that will also meet the energy-efficiency standards the city recently set for affordable housing projects.
The deal, which took three years to close, was financed by $24.5 million of low-income housing tax credits, $34 million in tax-exempt bonds through government agencies and a $5 million construction loan. The development, dubbed CAMBA Gardens, will have 146 units reserved for special-needs individuals and on-site case management along with medical referrals. The complex, along with the 197 affordable housing units CAMBA plans for Gateway Elton Street I, puts the non-profit organization halfway towards completing its goal of creating 1,000 affordable units in the city by 2015. [Crain’s]