Real Estate Weekly
By Christian Brazil Bautista
March 29, 2017
A partnership led by affordable housing developer Habitat for Humanity New York City will build a 25-unit affordable housing development in Brownsville, Brooklyn.
The joint venture, which includes New York State Homes and Community Renewal, the Department of Housing Preservation and Development. the Community Preservation Corporation and Manhattan developer LATENT Productions, acquired a land parcel located at the intersection of Park Place, Thomas S. Boyland Street, and East New York Avenue.
The development, to be called SEED, is expected to be the second-largest Habitat NYC project ever.
All of the units in the planned three-building cluster, which is expected to range from one-to-three bedroom apartments, will be of the affordable variety.
“Providing hard-working families with the opportunity to own their own home in New York City helps them achieve the stability that home ownership provides. Not only that, but they can become stakeholders within their own neighborhoods,” said Habitat NYC CEO Karen Haycox.
“Arguably, New York City is an environment unlike any other tackled by Habitat for Humanity around the globe. Here, we face unique obstacles, but we believe wholeheartedly that homeownership must have a place in the affordable housing plans for New York City.”
HCR and the HPD have allocated $11 million in financing for the project. Meanwhile, CPC provided an additional $3.2 million grant to the housing development. Construction on the project will begin immediately, with funding coming from a $2.86 million construction loan from CPC and Goldman Sachs.
“Through this collaborative partnership, affordable homeownership is now a dream within reach for 25 hardworking families,” said HCR Commissioner RuthAnne Visnauskas. “Governor Cuomo shares Habitat for Humanity’s vision for strengthening communities through access to homeownership across New York City and the State. Through HCR’s AHC program, we are committed to bringing safe, affordable homes and financial security to all New Yorkers.”
LATENT Productions won a competitive Request for Design Proposals from HPD. The company will co-develop the five vacant parcels with Habitat NYC. Once it’s built, the building’s new residents will only have to pay a 1% down payment and a low, fixed-interest rate mortgage.