Governor Andrew M. Cuomo announced that New York State Homes and Community Renewal will finance 1,000 affordable homes for seniors on underutilized land owned by the New York City Housing Authority in Central Brooklyn as part of his $1.4 billion Vital Brooklyn Initiative.
The newly constructed, 100 percent affordable housing developments will be made available to NYCHA residents and other seniors, and financed with up to $15 million in Federal 9 percent Low Income Housing Tax Credits.
The $15 million set aside tax credits builds on the Governor’s $563 million commitment to create 3,000 units of affordable housing in Central Brooklyn as part of his Vital Brooklyn Initiative.
In April, Governor Cuomo launched phase two of Vital Brooklyn and announced five RFPs to construct more than 2,000 affordable homes. Earlier this summer, he announced a $3.1 million investment to renovate and transform eight community gardens and deliver a direct water connection to 14 others, to be completed by fall of 2019.
Prior to that, the Governor also announced flagship ambulatory care sites and partnerships with six Brooklyn-based federally qualified health centers to form the foundation of its $210 million, 32-site ambulatory care network.
Earlier this month, as the next step of the initiative, Governor Cuomo announced new actions to increase access to nutritious foods and address chronic food insecurity and health disparities in Central Brooklyn communities.
This month, the Governor also announced a $1.825 million investment in new mobile markets, food insecurity screening for seniors, youth run farmers markets, community gardens, and a food distribution hub siting study, to help ensure local communities have the ability to purchase fresh, local foods, and have the support they need for healthier lifestyles.
The lates 1,000 affordable senior apartments will be reviewed on a rolling basis by HCR as NYCHA makes properties available through its disposition process.
Federal regulations require NYCHA to get tenant feedback, and publish disposition plans annually before allowing for development.
After a development is selected by NYCHA for a site and it has received public input and been reviewed, it will be able to apply to HCR for the $15 million set aside of federal 9 percent federal low-income housing tax credits. Tax credits are the primary tool used to lower the financing costs for housing developments to make them affordable.