New York state will allocate over $270 million to preserve and build new affordable homes in the borough.
Governor Kathy Hochul on Monday said nearly $2 billion in housing bonds and subsidies were awarded to 24 housing developments throughout the state, including three in Brooklyn.
“These investments reflect my commitment to creating quality, modern homes that enrich communities and are making New York more affordable for a wide array of households, including families and seniors,” Hochul said in a statement.
All awarded projects will achieve high levels of sustainability and carbon reduction, officials said.
The Brooklyn projects include:
$49 million for Bay Ridge Towers – Preservation of an 811-unit affordable units in the Mitchell-Lama co-op located above a Long Island Rail Road rail line that includes playgrounds and other outdoor amenities for families. The complex is occupied by low- and moderate-income households whose monthly common charges equate to an average of approximately 40% of Area Median Income. Developed by Bay Ridge Air Rights and MM Development Advisors.
$39 million for Jimerson Apartments – Preservation of a 421-unit affordable development in Brownsville. The development is a Mitchell-Lama co-op occupied by households earning an average of 40% of AMI. Developed by Earl W. Jimerson Housing Company and MM Development Advisors.
$186 million for Sparrow Square Phase 1 – The construction of a 261-unit affordable supportive project on the site of the former Kingsboro Psychiatric Center in the East Flatbush for households earning up to 30% of AMI. The project is part of Vital Brooklyn, the state’s comprehensive community development initiative that addresses chronic social, economic and health disparities in central Brooklyn. Developed by Breaking Ground and DD Kingsboro.
