Success Stories > CPC Resources stories
Posted: October 9th, 2007
This project was developed on behalf of East Brooklyn Congregations (EBC). CPCR , using its proven Infill Housing Model, contributed its expertise in affordable housing development and oversaw the construction of the project. East Brooklyn Congregations owns the buildings.
Collaborating With EBC
The Malta Street apartments are CPC’s second collaboration with East Brooklyn Congregations.
CPC has also financed nearly 700 out of 2,900 single family homes in EBC’s successful Nehemiah Program – a large-scale endeavor to create affordable housing in East New York. The Malta Street apartment buildings represent the low income rental complement to this effort.
At the project’s opening day ceremonies, the Reverend David K. Brawley of East Brooklyn Congregations said, “…Working with the City and the Community Preservation Corporation, we have changed the landscape over the past two decades. The Malta Street apartments will be just the first of a series of affordable efforts in East Brooklyn and elsewhere.”
Transforming City-Owned Land
The new buildings, located at 47, 51, 55, and 61 Malta Street and 662 and 668 Alabama Avenue, between new Lots and Hegeman Avenues, were build on land formerly owned by the New York City Department of Housing Preservation and Development (HPD). The city sold the land to East Brooklyn Congregations in 2005 for $1 as part of Mayor Bloomberg’s New Housing Marketplace Plan to create affordable housing.
The New York City Housing Development Corporation financed the construction of the project by issuing $4.85 million in tax-exempt bonds and by lending $2.64 million from its corporate reserves.
During construction, the tax-exempt bonds were backed by a letter of credit from JPMorgan Chase. The tax credit equity was syndicated through Enterprise.
Managing the Development Team
CPCR oversaw all aspects of the project’s development before turning the buildings over to East Brooklyn Congregations upon their completion.
The development was designed by Curtis & Ginsburg Architects, LLP. The buildings were built by the West Manor Construction Corporation, an affiliate of the Bluestone Organization.
Helping Faith-Based Institutions
This project is one example of CPCR’s initiative to help faith-based institutions develop affordable and moderate-income housing.
Such projects address a key need in communities like East New York, where there is little remaining vacant land and a scarcity of affordable housing. Through CPCR’s initiative, faith-based institutions who want to develop their properties can benefit from CPCR’s technical and financial expertise and ensure project success.
Brooklyn: CPCR & East Brooklyn Congregations Open 48 Affordable Apartments in East New York
As part of the revitalization of Brooklyn’s East New York neighborhood, CPCR developed six 4 ˝ -story apartment buildings with 48 affordable apartments on Malta Street and Alabama Avenue. Rents range from $723 to $1,007 per month, and tenants began moving into the newly completed buildings in September 2007.This project was developed on behalf of East Brooklyn Congregations (EBC). CPCR , using its proven Infill Housing Model, contributed its expertise in affordable housing development and oversaw the construction of the project. East Brooklyn Congregations owns the buildings.
Collaborating With EBC
The Malta Street apartments are CPC’s second collaboration with East Brooklyn Congregations.
CPC has also financed nearly 700 out of 2,900 single family homes in EBC’s successful Nehemiah Program – a large-scale endeavor to create affordable housing in East New York. The Malta Street apartment buildings represent the low income rental complement to this effort.
At the project’s opening day ceremonies, the Reverend David K. Brawley of East Brooklyn Congregations said, “…Working with the City and the Community Preservation Corporation, we have changed the landscape over the past two decades. The Malta Street apartments will be just the first of a series of affordable efforts in East Brooklyn and elsewhere.”
Transforming City-Owned Land
The new buildings, located at 47, 51, 55, and 61 Malta Street and 662 and 668 Alabama Avenue, between new Lots and Hegeman Avenues, were build on land formerly owned by the New York City Department of Housing Preservation and Development (HPD). The city sold the land to East Brooklyn Congregations in 2005 for $1 as part of Mayor Bloomberg’s New Housing Marketplace Plan to create affordable housing.
The New York City Housing Development Corporation financed the construction of the project by issuing $4.85 million in tax-exempt bonds and by lending $2.64 million from its corporate reserves.
During construction, the tax-exempt bonds were backed by a letter of credit from JPMorgan Chase. The tax credit equity was syndicated through Enterprise.
Managing the Development Team
CPCR oversaw all aspects of the project’s development before turning the buildings over to East Brooklyn Congregations upon their completion.
The development was designed by Curtis & Ginsburg Architects, LLP. The buildings were built by the West Manor Construction Corporation, an affiliate of the Bluestone Organization.
Helping Faith-Based Institutions
This project is one example of CPCR’s initiative to help faith-based institutions develop affordable and moderate-income housing.
Such projects address a key need in communities like East New York, where there is little remaining vacant land and a scarcity of affordable housing. Through CPCR’s initiative, faith-based institutions who want to develop their properties can benefit from CPCR’s technical and financial expertise and ensure project success.
