NYC starts construction of $72m Nevins Street Apartments

NYC starts construction of $72m Nevins Street Apartments

Published at: 2019-06-25 16:53 | Author: CIJ USA
A $72 million affordable and supportive housing redevelopment project, the Nevins Street Apartments, has begun in downtown Brooklyn. The Institute for Community Living is building the 128-unit project which will include 78 apartments reserved for the formerly homeless and 3,100 sqf of retail. Located at 50 Nevins St. between Schermerhorn and State Streets, all units will be affordable to households earning no more than 60 percent of the area median income. Units are reserved for the formerly homeless, including veterans, young adults and people with a serious mental illness or substance abuse problem.

The funding is backed by an assortment of state financing including $13.5 million in tax-exempt bonds, federal Low Income Housing Tax Credits (LIHTC) that will generate $27.3 million in equity and a $9 million subsidy from New York State Homes and Community Renewal. Further funds were sourced from the state’s Office of Mental Health, and New York City Department of Housing Preservation and Development and from Richman Housing Resources, HSBC and TD Bank.

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