Finance

Brooklyn Affordable Housing Project Started by Camba

Brooklyn Affordable Housing Project Started by Camba

Brooklyn, New York: CAMBA Housing Ventures has begun construction on 328 permanently affordable passive housing units at Clarkson Estates.

The project is a component of New York’s $1.4 billion Vital Brooklyn initiative, which focuses on various areas of community development. The anticipated completion date is spring 2026.

The Opportunity Zone site, which is situated at 329 Clarkson Ave. in the Flatbush neighborhood of Brooklyn, was formerly used as SUNY Downstate Medical Center’s parking lot.

The development also has 30,000 square feet set aside for supportive services, including a food pantry, café, and nursery center, as well as CAMBA’s Economic Development and Workforce Training Centre, Health Homes and Screening Centre, Adult Education and Financial Literacy Office, CURE Violence Prevention and Medication Centre, and Youth Education and Development Centre.

The $237.9 million project is financed in part by:

  • $101 million in federal LIHTC equity from Goldman Sachs Asset Management, syndicated by CREA.
  • $104.8 million in New York State Housing Finance Agency Private Activity Bonds.
  • The Clean Energy Initiative provided $2.5 million.
  • The Federal Housing Trust Fund contributed $13.6 million.
  • The Homeless Housing Assistance Programme received $10 million from the New York State Office of Temporary and Disability Assistance.
  • From the Federal Home Loan Bank of New York’s Affordable Housing Programme, $2.5 million
  • The supportive units provided by Empire State Supportive Housing are eligible for rental and service subsidies.

The Health Science Centre at Brooklyn Foundation formerly owned the land, which is close to Prospect Park and adjacent to Kings County Hospital.

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