Organization Name: Community Preservation Corporation
Project Title: Blake Hendrix
Project Location: East New York
Located on 13 scattered sites, the 30-unit Blake Hendrix development in the East New York neighborhood of Brooklyn consists of 13 new homeownership opportunities and 17 new affordable rental units for low- and moderate-income households. The homeownership units, which range from one-bedrooms to three-bedrooms, were thoughtfully designed by DeLaCour, Ferrara & Church Architects and are affordable to residents earning between 90 percent and 110 percent of Area Median Income. This is a cluster of homes financed by New York City Housing Preservation and Development (HPD) in order to transform formerly underutilized City-owned land into affordable homes for the workforce community. 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.
Affordable homeownership is a key piece of the puzzle to closing the wealth gap in our communities. An affordable home helps build equity over generations and provides long-term security and stability to hardworking families who are ready to put down roots in their neighborhoods. The ongoing effects of the COVID-19 pandemic continue to exacerbate the urgency of safe, quality housing. As the demand for both affordable rental housing and homeownership in New York City continues to grow, projects like Blake Hendrix serve the unique affordable housing and revitalization needs of underserved communities. This project will transform underutilized land into quality, affordable housing opportunities for 30 individuals and families in Brooklyn's East New York community.
CPC is a nonprofit multifamily finance company founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and policy to expand access to affordable housing, advance diversity in the development industry and impact the effects of climate change through the financing of sustainable housing. CPC has invested over $12 billion to finance the creation and preservation of more than 220,000 units of housing. CPC is a carbon neutral company, rated AA- by S&P.
CPC, SRBuild, Goldman Sachs Asset Management Urban Investment Group, New York City HPD, New York State Affordable Housing Corporation, DeLaCour, Ferrara & Church Architects