Nonprofit developers secure $ 1 million loan for Far Rockaway affordable housing project – QNS.com
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Community Builders (TCB), a not-for-profit real estate company, has announced a $ 1 million loan that will be used to cover the cost of an eight-story apartment building near downtown Far Rockaway.
The building, located on Ocean Crest Boulevard and Bay 32nd Street, will be outfitted with 120 units and will have 18 units reserved for households moving from city homeless shelters to permanent housing.
In addition, 60 percent of the units will be reserved for households with incomes 60 percent below the median income in the area and the remaining 40 percent will be reserved for households earning between 80 and 100 percent of the median income in the area. .
The $ 1 million pre-development loan was provided to TCB by the Leviticus Fund, a non-profit organization that supports affordable housing, quality education, health care, nutritious food and economic opportunities for vulnerable communities.
The building will include a furnished rooftop terrace, community hall, fitness room, on-site laundry room and parking garage with bicycle storage, the developers said.
“TCB tackles large, complex projects that transform communities,” said Greg Maher, Executive Director of the Leviticus Fund. “Our loans – granted to TCB at the start of their projects, the riskiest ones – fill a critical gap. We deeply appreciate the opportunity to support their work, which creates stable homes for people with significant challenges. “
The most recent loan marks TCB’s 10th loan for projects in the New York area. The whole project is expected to cost more than $ 54 million.
“The community of Far Rockaway is in critical need of affordable, supportive housing and this 120 unit building will be a welcome addition to the neighborhood,” said State Senator James Sanders, Jr. “We also welcome the efforts of the Community Builders, as the support of the Levitical Fund.
The new apartments will be less than a mile from the beach and not far from JFK International Airport.
“TCB is very grateful to continue our strong partnership with the Leviticus Fund at Far Rockaway,” said Jesse Batus, Senior Project Manager for The Community Builders. “The Leviticus Fund’s willingness to make early investments in projects when they are just a vision is unmatched. “