Construction starts on $34M affordable housing in Brooklyn

Home » News » Construction starts on $34M affordable housing in Brooklyn

Governor Kathy Hochul of New York has announced the ground-breaking of a $34 million affordable housing development, Park Place, in the heart of Crown Heights, Brooklyn. Park Place is part of the visionary Vital Brooklyn Initiative aimed at addressing the long-standing social, economic, and health disparities faced by vulnerable neighborhoods in the region. Emphasizing the importance of accessible healthcare for all, the development will also house a primary care facility, open to the public.

The mixed-income housing development project in Brooklyn aligns seamlessly with Governor Hochul’s ambitious $25 billion Housing Plan. Which envisions the creation or preservation of 100,000 affordable homes throughout New York. An impressive 10,000 of these homes will include essential support services for vulnerable populations. The state has an unwavering commitment to its most in-need residents.

Number of apartments in the new $34M affordable housing in Brooklyn

The development will bring a modern five-story building constructed on a parking lot owned by One Brooklyn Health. The new affordable housing development in Brooklyn will offer 43 mixed-income apartments. It will provide 38 convenient parking spaces for One Brooklyn Health personnel. While offering an 8,000-square-foot state-of-the-art healthcare facility on the first floor. This healthcare hub will cater to the health needs of adults and children and ensure quality medical to all residents.

Read also: POAH commences $52.7M affordable housing project in Cutler Bay

The new $34 million affordable housing development in Brooklyn will make housing a reality for households earning 30%-80% of the Area’s Median Income. Moreover, eight apartments will be set aside for homeless families. The families will have access to rental assistance and on-site supportive services, ensuring a smooth transition to their new homes.

The project’s financing includes support from Housing Choice Vouchers, Low-Income Housing Tax Credits, as well as Subsidies from both federal and state governments. Additionally, generous contributions from the New York State Office of Temporary and Disability Assistance, NYSERDA. And the Community Preservation Corporation through its collaboration with NYCRS have all played roles in making this vision a reality.