Financed through HPD’s Open Door program, the project brings 31 affordable homes across 13 lots for moderate-income New Yorkers, continuing the City’s push to add a little more housing in every neighborhood.
Brooklyn, NY (August 29, 2025) – In Bed Stuy, affordable housing will be soon within reach for over 30 New York City families. Today, the New York City Department of Housing Preservation and Development (“HPD”), together with private and public partners including Shelter Rock Builders LLC (“SRBuild”), The Community Preservation Corporation (“CPC”), Restored Homes Housing Development Fund Corporation, and local Councilmember Chi Ossé, celebrated the completion of Phase I of the Bedford-Stuyvesant North & Central development. The ribbon cutting marks the delivery of 31 new affordable homes across 11 lots, expanding both homeownership and rental opportunities for moderate-income New Yorkers.
“SRBuild and Heritage V are very proud to celebrate the completion and ribbon cutting of the Bed-Stuy North & Central Phase 1 homeownership project. For aspiring first-time homebuyers, owning a home serves as a vital pathway to building intergenerational wealth. It fosters self-worth, confidence, and a sense of accountability to both family and society,” said Ben Shavolian, President of Shelter Rock Builders.
“Today’s ribbon cutting marks the beginning of new chapters for families who now have a place to call home,” said Jason Osborn, Vice President, Mortgage Officer, CPC. “We’re proud to have helped make homeownership more attainable and affordable for more New Yorkers, and we remain committed to supporting inclusive growth and financial empowerment in communities like Bedford Stuyvesant.”
“We are really honored to be part of this collaboration, bringing much-needed affordable homeownership opportunities into Bedford Stuyvesant,” said Salvatore D’Avola, Executive Director, Restored Homes HDFC. “These long -standing vacant lots have been transformed into 11 two and three family homes. The purchasers of these homes are fulfilling the American dream of homeownership.”
Developed by SRBuild and financed through HPD’s Open Door program, the project created nine three-family and two two-family buildings, creating 11 homeownership and 20 rental opportunities. One home was designed to comply with Landmark District regulations, and all meet HPD Design Guidelines and Enterprise Green Communities standards, ensuring sustainability and healthier, more efficient homes for residents.
As part of this larger effort, some of the units created through the Bedford-Stuyvesant North & Central project utilize HPD’s critically important affordable homeownership financing program “Open Door.” This program promotes the construction of new homes affordable to New York City’s workforce and encourages mixed-income communities. Through this program, homes are made affordable to households earning up to 120 percent of area median income (“AMI”).
To make this vision possible, the project received nearly $10 million in financing from HPD, approximately $8 million in construction financing from CPC, and $910,000 in grant funding from the New York State Affordable Housing Corporation. Additionally, as the development’s nonprofit sponsor and marketing agent, Restored Homes Housing Development Fund Corporation (“Restored Homes”) qualified the low- and moderate- income first-time homebuyers and provided access to HUD-approved homeownership and landlord counseling courses. Together, these investments highlight how city, state, and private partners are working hand-in-hand to expand access to affordable homeownership opportunities across the five boroughs. Additionally, upon the sale of the homes the new homeowners will receive a 20-year UDAAP property tax exemption.
Looking ahead, the cluster of sites is being developed in two phases. Phase I, completed and celebrated today, delivers 31 affordable homes. Phase II will add to this momentum, bringing the total to approximately 76 affordable homeownership units.
This work builds on a long partnership with Shelter Rock, which has been a consistent HPD collaborator in creating affordable homeownership. From 2006 to 2017, the builder completed 172 dwelling units across six developments, reinforcing their commitment to building high-quality, sustainable housing for New Yorkers.
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About NYC Housing Preservation and Development (“HPD”)
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest city housing agency, responsible for the creation and preservation of affordable housing as well as enforcing the housing and maintenance code across all five boroughs. From responding to over 600,000 housing complaints to financing nearly 15,000 new affordable homes and connecting more than 25,000 New Yorkers with affordable housing in 2024 alone, HPD’s work touches every corner of the city’s housing landscape.
Stay up to date by following @NYCHousing on Facebook, Twitter, and Instagram, and visit nyc.gov/hpd for more information.
About SRBuild, LLC
SRBuild, LLC is a family-owned business with a nearly 30-year history of developing high quality market rate and affordable housing in New York City. SRBuild has extensive experience working with not-for-profits and city and state agencies as both a general contractor and developer. Learn more at SRBuild.com.
About The Community Preservation Corporation (“CPC”)
CPC is a diversified, nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $16 billion to finance the creation and preservation of more than 264,000 units of housing. The company provides a suite of construction and permanent financing products and is an equity investor with approximately 4,500 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com , and on Facebook, Twitter and LinkedIn.
About Restored Homes Housing Development Fund Corporation (“Restored Homes”)
Restored Homes, an affiliate of Neighborhood Restore Housing Development Fund Corporation, collaborate with federal, state and local government agencies on programs and funding that seek to foster neighborhood stabilization by efficiently transitioning properties from physical and financial abandonment to responsible third-party ownership. Restored Homes utilizes citywide partnerships to create affordable rental housing and homeownership opportunities for households of low– and moderate–income. In addition to developing and implementing its own housing programs, Restored Homes supports community development efforts through construction management services, technical assistance, and homeowner support.