The New York City Department of Housing Preservation and Development (HPD), in partnership with Shelter Rock Builders LLC, The Community Preservation Corporation (CPC), and Restored Homes Housing Development Fund Corporation, has completed Phase I of the Bedford-Stuyvesant North & Central development in Brooklyn. The project, which delivers 31 new affordable homes across 11 lots, was made possible through HPD’s Open Door program and celebrated in collaboration with local elected officials, including Councilmember Chi Ossé.
Newly completed homes include nine three-family and two two-family buildings, providing 11 condominium and 20 rental units. One of the homes was designed in accordance with landmark district regulations, and all comply with HPD Design Guidelines and Enterprise Green Communities standards. All homes were developed on formerly vacant lots and are intended for households earning up to 120 percent of the area median income (AMI).
Photograph of ribbon cutting, via nyc.gov.
Phase I of Bedford-Stuyvesant North & Central received nearly $10 million in HPD financing, $8 million in construction financing from CPC, and $910,000 in grant funding from the New York State Affordable Housing Corporation. Restored Homes served as the nonprofit sponsor and marketing agent, responsible for qualifying income-eligible first-time buyers and offering HUD-approved counseling courses. A 20-year UDAAP property tax exemption will be provided to new homeowners. The full two-phase development will eventually yield approximately 76 affordable units.
“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. “The purchasers of these homes are fulfilling the American dream of homeownership.”
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Wow look at that
Are these family homes if so how much are they going for,if it’s a single family home how much is it going for