State grants $342M to Brooklyn developments

A new $342 million package of grants approved by the New York State Homes and Community Renewal will help build three Brooklyn developments and will preserve 541 units of affordable housing, while creating jobs and stimulating the local economy. The three Brooklyn projects — 25 Washington Street in Dumbo and Downtown Brooklyn’s 388 Bridge Street Apartments and 29 Flatbush Avenue — will each receive a portion of the funds and will have units set aside for low-income tenants. “This combination of financings and grants is coming together to connect neighborhoods with jobs, increase and improve affordable multi-family rental housing options in New York City, renovate homes to preserve affordable housing upstate, and — ultimately — create more vibrant communities across New York,” said Brian Lawlor, CEO and commissioner of HCR. [Brooklyn Eagle]