Compiled by Linda Collins
Brooklyn Daily Eagle

EAST NEW YORK, BROWNSVILLE — State funding has been approved for two affordable housing developments in Brooklyn, the board of the NYS Housing Finance Agency (HFA) announced this week.

The HFA approved $57 million in financing to build the two projects, which will contain a total of 280 units, more than half of which will be reserved for low-income tenants with special needs.

“These financings reinforce our commitment to provide supportive housing for individuals with special needs, including veterans and the formerly homeless,� said Priscilla Almodovar, HFA president and CEO. “These projects reinforce the Paterson administration’s mission to create supportive housing even in these difficult economic times.�

Genesis Neighborhood Plaza II

HFA approved $26.26 million in financing to construct a nine-story 119-unit development at 332-340 Snediker Ave. in East New York. Of the building’s 119 units, 49 will be reserved for veterans with special needs. Apartments will be rented to tenants with household incomes under $36,840 for a family of two. The borrower is an entity controlled by HELP USA, a social service provider and builder of supportive housing that provides supportive services for low-income residents.

The total development cost is more than $37.88 million. In addition to the HFA financing, it is expected that the project will receive an annual allocation of $1.467 million in Federal Low-Income Housing Tax Credits; $4.937 million in funds from the NYS Homeless Housing Assistance Corporation; a $4.662 million loan from the NYC Department of Housing Preservation & Development (HPD); a $1.6 million loan from the Federal Home Loan Bank; project-based Section 8 rental subsidies; and local real estate tax abatements.

Hegeman Avenue Residence

HFA approved $30.75 million in financing to build a five-story supportive rental housing project at 39 Hegeman Avenue in the Brownsville section of Brooklyn. Of the project’s 161 units, 100 will be set aside for formerly homeless adults who have been diagnosed with HIV/AIDS or mental illness. The remaining units will be reserved for single low-income working adults.

The development is part of New York City’s NY/NY III initiative to reduce homelessness by creating supportive housing.

All the units will be reserved for tenants with household incomes of no more than $32,280 for single-person households.

The borrower will be an entity controlled by Common Ground, a nonprofit housing organization committed to solving homelessness.

The total cost of the project is nearly $43 million. In addition to HFA financing, it is expected that the project will receive an annual allocation of $1.57 million in Federal Low-Income Housing Credits; a $17.6 million Supportive Housing Loan from HPD; a $5.5 million loan from the NYS Homeless Housing Assistance Corporation; a $250,000 Brooklyn Borough President Capital Loan; a $1.65 million Affordable Housing Program Loan from the Federal Home Loan Bank; and local real estate tax abatements.

The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.

© Brooklyn Daily Eagle 2009 All materials posted on BrooklynEagle.com are protected by United States copyright law. Just a reminder, though -- It’s not considered polite to paste the entire story on your blog. Most blogs post a summary or the first paragraph,( 40 words) then post a link to the rest of the story. That helps increase click-throughs for everyone, and minimizes copyright issues. So please keep posting, but not the entire article. arturc at att.net