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Homes and Community Renewal

Meeting Critical Need for Affordable Housing in North Brooklyn

April 29, 2016

Ground was broken April 29 for a 51-unit residential building for persons of low and moderate income at 695 Grand Street in the Williamsburg section of North Brooklyn.  Local businesses will occupy the ground floor which will serve as an anchor for the community’s growing commercial corridor. Total project cost is about $19.5 million. HCR funding for this project is being provided through the federal Low Income Housing Credit (LIHC) Program which will produce equity of about $11.2 million. That has leveraged funds from New York City Housing Preservation and Development’s capital program, Citi Community Capital, New York State Energy Research and Development Authority.

St. Nicks Alliance is sponsor and developer of a building which will include a roof garden, community room, laundry room and energy-efficient lighting and appliances. Construction completion is expected in 2018.

“This development is an example of Governor Andrew Cuomo’s commitment to expanding affordable housing opportunities,” said HCR Commissioner James S. Rubin. “New Yorkers of modest means who are dealing with the challenges of everyday life will have a place to live in dignity and comfort in a building that will add vitality to the neighborhood. We at HCR and partners in the public and private sectors are dedicated to making 695 Grand Street a success.”