Organization Name: NIA JV, LLC and Neighborhood Restore HDFC
Project Title: 96 Brooklyn Avenue – Third Party Transfer Program
Project Location: Crown Heights, Brooklyn, NY
Through the New York City Department of Housing Preservation and Development’s (“HPD”) Third Party Transfer Program (“TPT”), Neighborhood Restore HDFC (“NR”) partnered with ELH Management, LLC and Brooklyn Neighborhood Improvement Association (“BNIA”) to renovate 96 Brooklyn Avenue, transforming an abandoned, tax-foreclosed, landmarked building into an 8-unit affordable housing development.
96 Brooklyn Avenue, or The John and Elizabeth Truslow House, is part of a cluster that includes three other abandoned, tax-foreclosed buildings, in the Crown Heights and Bedford Stuyvesant neighborhoods of Brooklyn (177 Rogers Avenue, 295A Bainbridge Street, 233 Ralph Avenue). In total, this project will create 26 units allowing existing tenants to remain in their homes and providing additional affordable housing opportunities available in two neighborhoods that have been experiencing rising rents and the displacement of long term tenants. This project is being financed by the Community Preservation Corporation (“CPC”) and HPD.
The TPT Program seeks to transition properties from physical and financial abandonment to responsible third party ownership. Through these efforts, the immediate health and stability needs of tenants are addressed; long term affordable housing is created and/or preserved, and low-and moderate-income neighborhoods through NYC are stabilized.
NR was formed in 1999 to administer HPD’s TPT Program, through which it oversees the stabilization, management and rehabilitation planning of distressed tax foreclosed properties, ensuring the development of safe, affordable housing in NYC. HPD designated NIA JV, LLC as a joint venture between ELH Management, LLC (an experienced developer, management company, and landlord) and BNIA (a not-for-profit organization, committed to neighborhood preservation) to rehabilitate the four buildings in this project.