Monadnock Development, CB Emmanuel Realty, and Equity Developers have successfully secured $256 million in financing for the creation of Utica Crescent. This project aims to transform a parking lot into an affordable housing complex with community spaces in East Flatbush, Brooklyn.
The New York State Housing Finance Agency has provided $122 million in tax-exempt bonds for this development, which is backed by JPMorgan Chase during its construction phase. Additionally, Hudson Housing Capital has contributed $106 million through low-income tax credits. The complex will consist of two towers offering 322 affordable homes. Among these units are 89 designated for elderly residents under the Empire State Supportive Housing Initiative.
In addition to providing much-needed housing options at an accessible cost, this development also includes commercial areas and a healthcare center operated by One Brooklyn Health System. It will also feature space dedicated to the 67th Precinct Community Clergy Council and a community facility managed by Catholic Charities.
Residents can look forward to enjoying various amenities such as recreation facilities and smart building technology within their new homes at Utica Crescent.
