Brooklyn foreclosure lists are being mitigated by several affordable housing projects being carried out in the area by local government agencies, nonprofits and church organizations.
Among the recently-launched affordable housing projects in Brooklyn is the Cypress Village condo project of the Cypress Hills Local Development Corporation. Cypress Hills will build 29 affordable condominium units on three sites using a $348,000 funding from the Affordable Housing Corporation of New York State and grants from other organizations.
The condo project will not only help increase the affordable housing stock in the three sites, but it will also help promote green building construction practices. The condo building will feature energy-efficient cooling and heating systems and appliances and green materials such as recycled gypsum board and bamboo flooring.
The project has received an initial funding of $1 million under the federal Neighborhood Stabilization Program and an additional $580,000 from the AHC.
According to Priscilla Almodovar, chief executive and president of AHC, the affordable housing grants provided to the Cypress project and other projects will help rejuvenate neighborhoods downed by Brooklyn foreclosure lists.
To cover the $10.6-million cost of the Cypress condo project, other grants were also solicited. The office of the borough president will contribute $500,000; the New York City Department of Housing Preservation and Development will allocate $1.85 million; the Local Initiatives Support Corporation will provide a grant totaling $72,320; and the state Energy Research & Development Authority will set aside $92,869 for the project.
The foundation of Home Depot will also donate $75,000; State Senator Martin Malave Dilan will give $200,000; and Raza Development Fund will provide $25,000.
A church-run low-cost housing program that has been helping contribute affordable housing units since the 1980s in the Bronx and in Brooklyn is the Nehemiah Project. The project, which has built over 4,000 affordable homes since its launching, has been providing stability to neighborhoods in East New York during the foreclosure crisis.
In areas where foreclosures exceeded 10 percent in last year, only a few owners of Nehemiah Project homes defaulted on their mortgage loans. According to Mike Gecan, who has been helping manage the Nehemiah Project, there are only a few foreclosures because project managers have installed strict credit checks and income guidelines. Gecan also added that the prices of Nehemiah homes have been kept really affordable.
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