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Homes and Community Renewal

HCR Celebrates Opening of Energy-Smart Liberty Apartments

Slideshow
David Walsh, JPMorgan Chase Bank; Richard Bearak, Office of Brooklyn Borough President Marty Markowitz; Marie Romain, The Center for Family Support, Inc.; Julio Colon, resident; Petal Fong, resident; Martin Dunn , President of Dunn Development Corp.; Erik Martin Dilan, New York City Council Member; Darryl C. Towns, Commissioner/CEO, NYS Homes and Community Renewal; Mathew M. Wambua, Commissioner, NYC Department of Housing Preservation and Development and Chair, NYC Housing Development Corporation; Michelle Neugebauer, Executive Director, Cypress Hills LDC; Lucy Morcelo, Brooklyn Office of Congresswoman Nydia M. Velázquez; and Harold Green, Board President, Cypress Hills LDC.

HCR Commissioner/CEO Darryl C. Towns, NYC Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua, Dunn Development Corporation, and Cypress Hills Local Development Corporation, Inc. celebrated the grand opening of the Liberty Apartments at 119 Fountain Avenue in East New York, Brooklyn. The development provides 43 new units of affordable housing for low-income New Yorkers, and meets the New York State Energy Research and Development Authority's (NYSERDA) requirements for an Energy Smart development.

Seven of the units are fully accessible and move-in ready for persons who have disabilities-five for people with mobility impairments and two for people with hearing or vision impairments. All units are easily adaptable for persons with mobility, visual or hearing impairments and all of the public areas are fully handicapped accessible.

A variety of public and private partners came together to provide financing for Liberty Apartments. HCR allocated Low Income Housing Tax Credits that provided $6.278 million in equity. HPD provided $$3,016,503 in City Capital and Federal HOME funds as construction and permanent loans. HPD also provided an additional $1,505,000 in NYC Housing Trust Fund Program funds as construction and permanent sources. JPMorgan Chase provided a construction loan of $3,200,000 and a permanent loan of $960,000.

Last Updated: 10/21/2011