Monadnock Development, CB Emmanuel Realty, and Equity Developers have successfully secured $256 million in financing for the creation of Utica Crescent in East Flatbush, Brooklyn. This project will transform a parking lot into affordable housing and community spaces.
The New York State Housing Finance Agency has provided $122 million in tax-exempt bonds with backing from JPMorgan Chase during construction. Additionally, Hudson Housing Capital has contributed $106 million in low-income tax credits. The development consists of two towers offering 322 affordable homes, including 89 units specifically designated for elderly residents through the Empire State Supportive Housing Initiative.
Along with residential units, Utica Crescent will also feature commercial areas as well as a healthcare center by One Brooklyn Health System. Space will also be allocated for the 67th Precinct Community Clergy Council and managed by Catholic Charities to serve as a community facility. Residents can look forward to amenities such as recreation facilities and smart building technology within this new development.
This latest news highlights yet another successful project that addresses the need for more affordable housing options while providing valuable resources to support local communities.
