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Homes and Community Renewal

Commissioner/CEO Towns Helps Open Atlantic Terrace

New affordable mixed-income, mixed-use homeownership development in Brooklyn

Commissioner/CEO Towns Helps Open Atlantic Terrace
Left to Right - Heather Gershen, FAC, Director of Real Estate; Jamie Torres Springer, FAC, Board Chair; Peter from MAP; Robert K. Steel, NYC Deputy Mayor for Economic Development; Marc Jahr, President NYC Housing Development Corporation; Marty Markowitz, Brooklyn Borough President; Hercules Argyriou, President Mega Contracting; Andy Ditton, Managing Director Citi Community Capital; Michelle de la Uz, Executive Director, FAC; Steve Hall, Citi; Mathew M. Wambua, NYC Commissioner of Housing, Preservation & Development; Dan Martin, President & CEO, NYC Housing Partnership; Shefali, formerly of MAP; Bill Mills, CEO North America, Citi; Darryl C. Towns; Commissioner & CEO of NYS Homes and Community Renewal; Alan Epstein, Principal, Hirschen Singer & Epstein, LLP.

Commissioner/CEO Towns, Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua, NYC Housing Development Corporation (HDC) President Marc Jahr, and other officials joined Michelle de la Uz, Executive Director of the Fifth Avenue Committee (FAC) recently for a ribbon cutting celebration of Atlantic Terrace in Fort Greene. The 80-unit affordable, mixed-income co-op development was recently awarded LEED Gold Certification, making it the largest green building in Brooklyn.

"Under Governor Andrew Cuomo's leadership, New York State's housing agencies are proud to be among those who provided the resources that helped make this happy day possible," said Commissioner/CEO Darryl C. Towns. "The Affordable Housing Corporation (AHC)'s investment in this beautiful project was supplemented by the State of New York Mortgage Agency (SONYMA), which provided low-cost mortgages to many of the first-time homebuyers who will call Atlantic Terrace home. We know these investments will only strengthen Fort Greene and indeed all of Brooklyn. As we work to help New Yorkers across the state achieve the dream of home ownership and create stable neighborhoods across our state, we applaud Michelle and the Fifth Avenue Committee for their leadership in this inspiring project."

The AHC provided grant awards totaling $2.075 million to subsidize the development of 59 units in Atlantic Terrace. The State of New York Mortgage Agency (SONYMA) underwrote low-cost, fixed-rate mortgages for 37 of the units purchased by first-time homebuyers, a total investment of $5.7 million. HDC provided a $6.7 million mortgage and HPD provided $1.5 million in City Capital funds. The Brooklyn Borough President's office contributed $600,000 and the City Council contributed $1.4 million.

The ten-story building contains 80 mixed-income co-op units, and 60 units are affordable for families at various Area Median Income levels. The site was a vacant lot and Brownfield location and was constructed with energy-efficient green technologies including energy-efficient heating, ventilation and air conditioning systems and the use of Energy Star and low-flow water fixtures as well as green kitchen and bathroom cabinets. Residents have access to a community lounge and outdoor terrace.

Last Updated: 07/03/12