The first portion of the redevelopment is backed by $47 million from the Housing Finance Agency and the Low-Income Housing Tax Credit program, which is expected to provide more than $115 million in equity. Additionally, it is getting support from Goldman Sachs Alternatives’ investing and community development unit, Urban Investment Group.
In addition to the housing, Urban Village Phase 1A will build a commercial grocery store for the community in East New York. Some other components of the project’s first portion include solar panels, green roofs, fully electric cooling and heating, ENERGY STAR appliances, electric car charging stations and LED lighting.
The full redevelopment will also include a new performing arts center, senior services, childcare and workforce development. The Innovative Urban Village Program consists of three joint venture partners: Christian Cultural Center, Monadnock Development and the Gotham Organization.
Once the second phase gets underway, it will aim to deliver an additional more than four hundred affordable homes to East New York. J.P. Morgan confirmed it will be in that portion of Innovative Urban Village.
The move continues on Hochul’s $25 billion housing plan, which the Governor said is on pace to either preserve or build 100,000 affordable homes through New York State over five years. Hochul also recently backed 5 Times Square, an office-to-residential redevelopment in Manhattan that will create 1,250 new homes, with up to 313 units permanently designated as affordable housing.