Commissioner/CEO Towns recently helped kick off construction of Camba Gardens in Brooklyn, a 209- unit LEED Platinum, affordable and supportive housing development on two underutilized sites on the grounds of Kings County Hospital Center.
"As a former Brooklyn legislator, I have an immediate appreciation of the profound impact this project will have in this community," said Commissioner/CEO Towns. "Under Governor Cuomo's leadership, New York State continues to seek out ways to break down silos, so extraordinary projects like CAMBA Gardens can come to fruition. This innovative planning and land-use project happened because Federal, State and City government all collaborated to ensure the project's success. CAMBA Gardens is a success story that fills two great needs in this community: it expands affordable housing and creates good jobs."
HCR approved $34 million in bond financing for CAMBA Gardens through HCR's third New-Issue Bond Program (NIBP) rollout. NIBP allows the state's Housing Finance Agency to issue multifamily bonds that are purchased by the US Treasury at a below-market interest rate. The rate provides considerable savings for borrowers, allowing for the financing of affordable housing projects in a constricted credit market. The project leverages $25 million in Low Income Housing Tax Credits and creates more than 200 jobs.
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Last Updated: 11/28/2011