### Joint Venture Secures $51.7M Financing for Affordable Housing in Far Rockaway
A joint venture between Brisa Builders Development LLC and PMG Affordable has secured $51.7 million in financing for a new affordable housing project at 19-19 Cornaga Avenue in Queens. The nine-story, 92-unit development is designed by Paul Castrucci Architects and is located within the Downtown Far Rockaway Special Purpose District. Not On My Watch Inc. will serve as the project’s nonprofit social service provider.
The financing package includes contributions from both public and private sources. New York State Homes and Community Renewal is providing $1.8 million through the Federal Housing Trust Fund. Bank of America is contributing $28.4 million in construction financing, while the New York City Department of Housing Preservation and Development has allocated $12.9 million. Additionally, $8.3 million is being provided by HCR through the Supportive Housing Opportunity Program.
Further funding is being secured through approximately $21.4 million in Low-Income Housing Tax Credit equity syndicated by Enterprise, $2.3 million in State Low-Income Housing Tax Credit equity, and $41,000 in solar tax credit equity.
This financing marks a significant step forward in expanding affordable housing options in Far Rockaway, reinforcing the commitment to providing quality housing and social services to the community.
