CAMBA Gardens Apartments will be 100% affordable, with 75% reserved for supportive housing
The board of New York State Homes and Community Renewal recently approved $37.5 million in bond financing to build two apartment complexes located at 690 and 738 Albany Avenue in Brooklyn, on the site of two vacant Kings County Hospital buildings, which will be razed. The project, which will be operated by the Church Avenue Merchant Block Association, Inc., provides for a blend of supportive housing and low-income apartments and will create 280 construction jobs and 25 permanent jobs. The project leverages $25.6 million in Low Income Housing Tax Credits.
CAMBA Gardens will provide 146 units of permanent housing which will be set aside for individuals with psychiatric disabilities, substance abuse disorders, physical disability or HIV/AIDS, with on-site social services and staffing. The remainder of the units will be reserved for low-income tenants, making the project 100% affordable.
Commissioner/CEO Darryl C. Towns said, "As a former Brooklyn legislator, I have an immediate appreciation of the profound impact this project will have for those New Yorkers who are most vulnerable. The project will provide a safe, productive environment for an underserved special needs population, enhancing their quality of life and encouraging them to live and function independently."
Marian Zucker, President of Finance and Development for HCR, said, "The realities of the economic and housing downturn compel us to combine innovative planning and land use. This project only happened because government, on the Federal, State and City level collaborated, ensuring this project's success. CAMBA Gardens Apartments gives HCR the opportunity to continue to expand our commitment to much-needed supportive housing."
CAMBA Gardens will receive the following supplementary funding: $26 million from the New York City Department of Housing Preservation & Development Supportive Housing Loan Program (SHLP); $5.2 million from the New York State Homeless Housing Assistance Program; and $1.4 million in a Federal Home Loan Bank loan. The Mortgage Insurance Fund approved a commitment to insure the $5.06 million mortgage loan.
CAMBA Gardens was financed with HCR's third New-Issue Bond Program (NIBP) rollout. As part of the Housing and Economic Recovery Act (HERA, the 2008 Federal stimulus law), NIBP allows the NYS Housing Finance Agency to issue multifamily bonds that are purchased by the U.S. Treasury, at a below-market interest rate. That rate provides considerable savings for borrowers, allowing for the financing of affordable housing projects in a constricted credit market.
Last Updated: 07/21/2011