The New York City Department of Housing Preservation and Development (HPD) has completed the development of the Blake Hendrix affordable homeownership initiative, in East New York. The development includes 13 homes for ownership and 17 units for affordable rentals. The units are all reserved for low to moderate income households. The units range from one to three bedrooms.
“Homeownership offers a real sense of security to families, and a foundation for building a better life for their children and their community,” said HPD commissioner Louise Carroll. “By utilizing city-owned land, the Blake Hendrix development in East New York has created 30 new affordable homeownership and rental opportunities for New Yorkers looking to take root in their neighborhood.”
Blake Hendrix is the latest cluster of homes to be built through New Infill Homeownership Opportunities Program (NIHOP), which is an HPD program that transforms formerly underutilized city owned land into affordable housing opportunities for residents.
“In a city where affordable housing is sorely needed, I am proud that 30 units of housing are being made available to low-income persons in East New York,” said New York City Councilmember Inez Barron. “Homeownership, in particular, gives families in need the opportunity to establish enduring financial safety and build intergenerational wealth. We are proud that land left vacant and unsightly for decades has finally been transformed to benefit the community in this way. I commend all involved, including the development team, city agencies and my office, for their tireless and collaborative work.”
The total development cost for the project was $13 million. The project received $6.1 million in City subsidy and $1.1 million from the New York State Affordable Housing Corporation (AHC). CPC and Goldman Sachs provided 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. As the demand for affordable housing and homeownership in New York City continues to grow, the lending facility provides a critical source of flexible financing aimed at serving the unique affordable housing and revitalization needs of underserved communities.
Contact the Councilmember’s office to find out more about the opportunity for homeownership and affordable housing rentals. (718) 649-9495.
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