$13.5 million loan is largest to date
BROOKLYN, NY – Corporation for Supportive Housing (CSH) awarded a $13.5 million secured loan that will fund the acquisition and predevelopment costs for a 216-unit affordable housing community for young adults and families in Brooklyn at risk for or who have a history of experiencing homelessness.
The loan is the largest to date for CSH, a national nonprofit that advances practical housing solutions to improve the lives of the most vulnerable. CSH is the largest CDFI in the country dedicated to financing supportive housing.
Located at 326 Rockaway Avenue, the housing community will serve young adults and families experiencing or at risk of homelessness. The project is a partnership between New York Metropolitan area developer Slate Property Group and RiseBoro Community Partnership, an affordable housing nonprofit that will serve as the building’s service provider and property manager.
Construction is expected to begin next year on the 160,000-square-foot, 14-floor mixed-use development that will include approximately 5,000 square feet of ground-floor retail space.
Eighty-seven units will serve young adults ages 18-25 who are homeless or at risk of homelessness. In addition, 42 supportive units will be reserved for young adult families with children or pregnant women who are at risk for homelessness. The remaining units will be reserved for individuals and families earning below 60 percent of the area median income.
The need for units dedicated to this population is high. New York City has the third highest number of homeless unaccompanied youth in the nation. As of 2018, on a single night more than 4,500 unaccompanied and parenting youth were counted as experiencing homelessness in New York City.
“This project represents the CSH’s commitment to improving the lives of people caught in the cycle of poverty, institutionalization and homelessness, especially youth and families,” said Deborah De Santis, President and CEO at CSH. “We are pleased to support RiseBoro Community Partnership’s efforts to increase affordable and supportive housing in New York City so all residents can thrive in their communities.”
The building will include 1,000 square feet of community facility space for social services that will be rooted in positive youth development, person-centered planning, recovery-oriented and trauma-informed case management, and critical time intervention. Other amenities will include a community room, fitness room, landscaped courtyard, on-site laundry and 24-hour security.
The project is expected to be funded with tax-exempt bond financing from NYC Housing Development Corporation (HDC), 4% Low Income Housing Tax Credit (LIHTC) equity, subsidy from NYC Department of Housing Preservation and Development’s (HPD) Supportive Housing Loan Program (SHLP), and tax credits made available through NY State Department of Environmental Conservation’s (DEC) Brownfield Cleanup Program (BCP). Service and operating funds are expected to come from NYC 15/15.
The Corporation for Supportive Housing (CSH) is the national champion for supportive housing, demonstrating its potential to improve the lives of very vulnerable individuals and families by helping communities create more than 385,000 real homes for people who desperately need them. CSH funding, expertise and advocacy have provided $1 billion in direct loans and grants for supportive housing across the country. Building on 30 years of success developing multiple and cross-sector partnerships, CSH engages broader systems to fully invest in solutions that drive equity, help people thrive, and harness data to generate concrete and sustainable results. By aligning affordable housing with services and other sectors, CSH helps communities move away from crisis, optimize their public resources, and ensure a better future for everyone. Visit us at www.csh.org.