Posted By NYC Newswire

This News Sponsored by “Seniors Day” at the Healthy NYC Expo (Brooklyn) Saturday Sept. 8, 2018, in East New York. Seniors are encouraged to attend.

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.

“Every New Yorker deserves access to safe, affordable, clean housing — it is the foundation of our comprehensive efforts to address chronic disparities in Central Brooklyn,” Governor Cuomo said. “This investment will seize the potential of vacant properties and help 1,000 seniors move into quality living environments and support our efforts to improve wellness and opportunities in these communities.”

The Governor’s investment builds off of and credits decades of community-led development efforts in Central Brooklyn to preserve affordable housing and increase homeownership. Community-based organizations like the East Brooklyn Congregations bring together congregations, schools, homeowners associations, and local residents in the Bedford-Stuyvesant, Brownsville/Ocean-Hill, Bushwick, Crown Heights and East New York neighborhoods. This local leadership provides an opportunity for residents to have a voice in decision making about what happens in their community.

The 1,000 affordable senior apartments announced by the Governor today, proposed for the underutilized NYCHA property in Central Brooklyn 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 in Central Brooklyn 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.

Since 2011, HCR has provided financing to create or preserve 14,600 affordable homes in Brooklyn with an investment of almost $2 billion in HCR resources.

Senator Roxanne Persaud said, “From affordable homes for our seniors, to healthy food and community gardens, Governor Cuomo is tackling every angle of community revitalization. I look forward to seeing Central Brooklyn grow and prosper as these investments deliver for our community.”

Assemblywoman Latrice Walker said, “Our seniors are essential members of our community and helping them move to safe, affordable homes is certain to help them, and all of our neighbors, prosper. I am thankful that in Governor Cuomo we have a leader who understands how we must approach community revitalization from every angle.”

New York City Councilmember Alicka Ampry-Samuel said, “Addressing the needs of  New York’s most vulnerable  residents requires dedication, commitment  and direct financial investment. Governor Cuomo has proven to be a leader, committed to NYCHA residents and our seniors. I’m glad to see dedicated funding for the development of 1,000 units of senior housing, in Brooklyn, with Low Income Tax Credits and I look forward to identifying the appropriate land with the support, voice and vision of the community.”

Content Distributed by: NYC Newswire

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