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A massive affordable housing project in East New York has secured $270 million to begin construction.
The project, called Innovative Urban Village, is a partnership between developers Gotham Organization and Monadnock Development, along with the Christian Cultural Center, a mega-church currently located on the site. The financing is for the first phase of construction on the project, which will turn the church’s 10.5-acre campus bordered by Louisiana, Flatlands, and Pennsylvania avenues, into an affordable housing complex with several community amenities.
The financing package includes about $170 million from the New York State Housing Finance Agency and about $47 million from the city’s Department of Housing Preservation and Development. Goldman Sachs is also providing more than $143 million in tax credits and environmental cleanup funding for the development.
The first phase will include 386 affordable apartments for households earning between 30% and 80% of the area median income, meaning a family of three would need to earn between $38,130 and $101,680 to spend no more than roughly one-third of their income on rent. It will include about 17,000 square feet of retail and commercial space as well, including space for a grocery store.
The full project will include 1,975 affordable housing units, including 200 for seniors and 100 for homeownership. Other amenities will include centers for workforce development, child care and the performing arts, along with several walking paths and green spaces. The mega-church will remain as well.
The church selected Gotham Organization as its development partner in 2018 following a request for proposals process, and in 2022 the city fully approved the project.
The development team plans to open the first batch of apartments in 2026 and finish work on the entire project in 2036.
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Eddie Small , 2024-04-11 18:48:21
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