{"id":9859,"date":"2024-04-09T17:46:27","date_gmt":"2024-04-09T21:46:27","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/eastnewyork\/?p=9859"},"modified":"2024-04-09T17:48:06","modified_gmt":"2024-04-09T21:48:06","slug":"east-new-york-brownsville-to-see-affordable-housing-increase-with-250m-state-funding","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/eastnewyork\/east-new-york-brownsville-to-see-affordable-housing-increase-with-250m-state-funding\/","title":{"rendered":"East New York, Brownsville to See Affordable Housing Increase with $250M State Funding"},"content":{"rendered":"

Governor Kathy Hochul is offering $412 million in bonds and other financial subsidies to expand housing supply, including for two major projects in Brooklyn.<\/span><\/p>\n

\n

The\u00a0new financing will create\u00a0and preserve\u00a0nearly 1,100 affordable homes through six projects in New York City, the Finger Lakes, and the Hudson Valley, according to a news release.<\/p>\n

The Brooklyn projects include $170.3 million for the new construction of Innovative Urban Village Phase 1a , which will create 385 affordable homes in East New York and $82.8 million for the new construction of Marcus Garvey Extension Phase 2, which will create 178 affordable homes in Brownsville.<\/p>\n

Urban Village Phase 1a is the first phase of the redevelopment of the Christian Cultural Center\u2019s 10-acre campus and will include 94 supportive units for homeless families. The development team is a joint partnership\u00a0between the Gotham Organization, Urban Living Alternatives\u00a0and Monadnock Development\u00a0LLC.<\/p>\n

The Marcus Garvey Extension Phase 2\u00a0development will be constructed on a vacant parking lot on the campus of Marcus Garvey Apartments, an existing Mitchell-Lama housing complex. Eighty-eight of the 178 apartments will be reserved for individuals in need of supportive services, which will be provided on-site by the Osborne Association. The developer is L+M Development Partners.<\/p>\n

\u201cMy administration is committed to tackling our state\u2019s housing shortage head on and expanding opportunities in communities big or small,\u201d\u00a0Hochul\u00a0said.\u00a0\u201cThis funding will generate housing opportunities that are affordable, modern, sustainable, and offer the types of services that can improve the lives of more New Yorkers.\u201d<\/p>\n

The financing is allocated through New York State Homes and Community Renewal’s March 2024 bond issuance which provided $283 million in tax-exempt housing bonds and $129 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction. When coupled with additional private funding and resources, the projects receiving funding are expected to create $625 million in overall investment, the satement said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Governor Kathy Hochul is offering $412 million in bonds and other financial subsidies to expand housing supply, including for two major projects in Brooklyn. The\u00a0new financing will create\u00a0and preserve\u00a0nearly 1,100 affordable homes through six projects in New York City, the Finger Lakes, and the Hudson Valley, according to a news release. The Brooklyn projects include […]<\/p>\n","protected":false},"author":7,"featured_media":9860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[78,81,275,74,86,281],"tags":[],"class_list":["post-9859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-eny-news","category-eny-housing","category-politics","category-real-estate","category-residential"],"yoast_head":"\nEast New York, Brownsville to See Affordable Housing Increase with $250M State Funding - East New York News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/eastnewyork\/east-new-york-brownsville-to-see-affordable-housing-increase-with-250m-state-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"East New York, Brownsville to See Affordable Housing Increase with $250M State Funding\" \/>\n<meta property=\"og:description\" content=\"Governor Kathy Hochul is offering $412 million in bonds and other financial subsidies to expand housing supply, including for two major projects in Brooklyn. 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