### JV Secures $51.7M Financing for Far Rockaway Affordable Housing Project
A joint venture between Brisa Builders Development LLC and PMG Affordable has secured $51.7 million in financing for a nine-story, 92-unit affordable housing project at 19-19 Cornaga Avenue in Queens. Designed by Paul Castrucci Architects, the development is located in 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 combines construction and permanent funds from both public and private sources. This includes $1.8 million from New York State Homes and Community Renewal (HCR) through the Federal Housing Trust Fund, $28.4 million in construction financing from Bank of America, $12.9 million from the New York City Department of Housing Preservation and Development, and $8.3 million from HCR through the Supportive Housing Opportunity Program.
Additionally, the project is leveraging 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.
