Construction of a new 12-story affordable housing development is underway in the Brownsville neighborhood of Brooklyn.
Van Dyke III will bring 180 affordable housing units to NYCHA’s Van Dyke Houses campus. Partners on the project include the New York City Housing Development Corporation (HDC), the Department of Housing Preservation and Development (HPD) and Trinity Financial.
In addition to affordabe homes, Deputy Mayor Vicki Been said the new development will have a child-care center and a community health clinic
“Trinity is proud to play our part in this important redevelopment effort. Working so closely with NYCHA and the residents of the Van Dyke Houses to come up with creative ways to produce much needed affordable housing and community services and amenities is especially rewarding,” stated Kenan Bigby, Managing Director of Trinity Financial. “We are deeply thankful for the hard work exhibited by the development team and our funding partners, including HDC and HPD.”
Van Dyke III will have 56 studio apartments, 52 one-bedrooms, 43 two-bedrooms, and 28 three-bedrooms and will serve extremely low- and low-income households, with 54 units reserved for formerly homeless households receiving assistance through the NYC 15/15 Supportive Housing Initiative.
CAMBA, a nonprofit organization, will be providing support services for these formerly homeless individuals.
Building amenities will include a computer lab, a fitness room, a tenant lounge, a community room, an accessible roof deck, a package delivery room, and a ground floor outdoor recreational area. The site will also contain two cellar and ground floor community spaces, anticipated to be the home of a daycare center operated by the Friends of Crown Heights and a community health clinic operated by the Brownsville Multi-Service Family Health Center.
“One out of five children and families in Brownsville are living in shelters. I am pleased that the Van Dyke III development will provide homes for some of these families so that they can live in a decent, clean and safe environment to grow and live productive lives,” noted Lisa Kenner, President of the Van Dyke I Resident’s Association.
Van Dyke III is financed under HDC and HPD’s ELLA program. HDC provided $46.670 million in tax-exempt bonds and $11.7 million in corporate reserves, HPD contributed $23.4 million in City Capital.
The project benefits from low-income housing tax credits (LIHTC) resulting in a total of $39.243 million in tax credit equity.
Brooklyn Borough President provided $800,000 in Reso A funds. Goldman Sachs was the tax-credit investor and Citi Community Capital provided a stand-by letter of credit.
“Providing a safe affordable place to live and caring for our youth and vulnerable populations are some of the most important responsibilities of every community,” said Margaret Anadu, Managing Director and Head of the Goldman Sachs Urban Investment Group.
