The city has broken ground on the Blake Hendrix development in East New York.
Developed by Shelter Rock Builders, the project will create 30 new homes for moderate-income and low-income New Yorkers.
Sun Rock Development, the Community Preservation Corporation (CPC) and Goldman Sachs are partners on the projec , which is being financed through HPD’s New Infill Homeownership Opportunities Program (NIHOP).
This is the latest cluster of homes to be built through NIHOP, which HPD uses to transform formerly underutilized City-owned land into affordable homes for moderate and middle-income New Yorkers.
The groundbreaking marks the start of construction of the four three-family homes and nine two-family homes that will be built across the sites.
“Homeownership offers families a path towards long term security and stability. Through HPD’s NIHOP program, we are harnessing the dwindling supply of City-owned land to create affordable homes for New Yorkers struggling to stay in the city in the face of rising rents. The 30 new homes underway at the Blake Hendrix development in East New York will put the dream of homeownership in reach of more hard-working New Yorkers, anchoring not just individual families, but the neighborhood, ” said HPD Commissioner Maria Torres-Springer.
The total development cost for the project is $12.8 million. The project received $6 million in City subsidy and $1.1 million from the New York State Affordable Housing Corporation (ACH). CPC and Goldman Sachs will provide a $3.35 million construction loan through a joint funding partnership that was created to help finance affordable homeownership projects for moderate- and middle-income households in New York City.
The Blake Hendrix development is expected to be completed in the winter of 2019.
