The\u00a0New York City Department of Housing Preservation and Development (HPD) has completed the development of the Blake Hendrix affordable homeownership initiative, in East New York. The development includes 13 homes for ownership and 17 units for affordable rentals.\u00a0 The units are all reserved for low to moderate income households. The units range from one to three bedrooms.<\/p>\n
\u201cHomeownership offers a real sense of security to families, and a foundation for building a better life for their children and their community,\u201d said HPD commissioner Louise Carroll<\/strong>. \u201cBy utilizing city-owned land, the Blake Hendrix development in East New York has created 30 new affordable homeownership and rental opportunities for New Yorkers looking to take root in their neighborhood.\u201d<\/p>\n Blake Hendrix is the latest cluster of homes to be built through New Infill Homeownership Opportunities Program (NIHOP), which is an HPD program that transforms formerly underutilized city owned land into affordable housing opportunities for residents.<\/p>\n “In a city where affordable housing is sorely needed, I am proud that 30 units of housing are being made available to low-income\u00a0persons in East New York,\u201d said\u00a0New York City Councilmember Inez Barron<\/strong>.\u00a0\u201cHomeownership, in particular,\u00a0gives families in need the opportunity to establish enduring financial safety and build\u00a0intergenerational wealth.\u00a0We are proud that land left vacant and unsightly for decades has\u00a0finally been\u00a0transformed to benefit the community in this way.\u00a0I commend all involved, including the development team, city agencies and my office, for\u00a0their tireless and collaborative work.\u201d<\/p>\n The total development cost for the project was $13 million. The project received $6.1 million in City subsidy and $1.1 million from the New York State Affordable Housing Corporation (AHC). CPC and Goldman Sachs provided a $3.35 million construction loan through a joint funding partnership that was created to help finance affordable homeownership projects for moderate- and middle-income households in New York City. As the demand for affordable housing and homeownership in New York City continues to grow, the lending facility provides a critical source of flexible financing aimed at serving the unique affordable housing and revitalization needs of underserved communities.<\/p>\n