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HPD, HDC Partner on Affordable Projects
The New York City Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC) are partnering with M/WBE development teams on a trio of affordable housing projects, including two in Brooklyn.
To conserve capital while moving the projects forward, HPD and HDC used alternative financing strategies. These involve the substitution of HDC subsidy and reallocation of Low-Income Housing Tax Credits.
“A new reality requires a fresh approach, which is why we’re deploying new financing methods that will deliver stability for countless families in an extremely uncertain time,” said HPD Commissioner Louise Carroll.
Totaling 400 units, the projects include 1921 Atlantic Ave. and 461 Alabama Ave. in Brooklyn and Victory Homes in the Bronx. Largest of the three is the 236-unit 1921 Atlantic Ave. in Bedford-Stuyvesant, which is being developed by a joint venture between M/WBE developers Thorobird and Dabar Development.
Pictured: 1921 Atlantic Ave.
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