|CCBQ Celebrates Completion of Msgr. Barretta Apartments|
|Friday, 27 September 2013 01:58|
Catholic Charities of Brooklyn and Queens celebrated the completion yesterday of its new Monsignor Anthony J. Barretta Apartments, a new $18 million development featuring 64 units of low-income housing in the Ocean Hill section of Brooklyn. Developed as a partnership between CPC Resources, Inc. and Catholic Charities, the new housing is built on the site of the former school, rectory, and convent of Our Lady of Loreto Church.
Located at 2354-2358 and 2372-2374 Atlantic Avenue, and 2353-2365 Pacific Street, Catholic Charities Monsignor Anthony J. Barretta Apartments is comprised of eight separate four-story buildings. Utilizing CPCR’s “Infill Housing Prototype” design, the apartments have transformed underutilized, scattered sites into sound housing, a need which is increasingly important in a land-scarce city like New York. Conceived by RKT&B Architects and developed in conjunction with CPCR, the “Infill Housing Prototype” is inspired by New York City’s brownstone walk-ups and applies energy-efficient techniques, including Energy Star appliances and highly efficient heating and air conditioning systems.
Financing for Catholic Charities Monsignor Anthony J. Barretta Apartments was the result of extensive partnerships with housing officials both in New York City and State. The total development cost for this project is $17.9 million. The Community Preservation Corporation (CPC) and New York City Department of Housing Preservation and Development (HPD) provided the initial $11.14 million construction loan and Richman Housing Resources provided approximately $5 million in equity during construction. Richman Housing Resources will provide a total of $12.4 million in equity; additional permanent sources of financing include a $1.6 million loan from New York State Housing Trust Fund and a $3.8 million loan from HPD.
The eight buildings have a total of 64 apartments, with the units split evenly between one-bedroom and two-bedroom apartments. Amenities include a community room with kitchen for use by residents, and laundry facilities. All units are air conditioned. Monthly rents will range from $494 to $860 with eight units receiving project-based Section 8 rent subsidies allocated by New York State Homes and Community Renewal (HCR). These units are reserved for very low income tenants earning no more than 60% Area Median Income (AMI), which is no more than an annual income of $36,120 for an individual. AMI levels are calculated annually by the U.S. Department of Housing and Urban Development (HUD).
A portion of the total apartments in this development were reserved for families on the HCR waitlist and the remainders were filled through an HPD-supervised housing lottery. The City of New York requires that subsidized apartments be rented or sold through an open lottery system to ensure fair and equitable distribution of housing to eligible applicants. The lottery for this development has closed. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process and to apply to city-sponsored housing lotteries, visit NYC Housing Connect at www.nyc.gov/housingconnect.
“After much anticipation by families in need of low-income-housing in Ocean Hill Brooklyn, we are pleased to celebrate the grand opening of these much-needed affordable housing apartments for families,” said Monsignor Alfred LoPinto, Vicar for Human Services, Diocese of Brooklyn.
CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC), a not-for-profit mortgage lender that has financed more than $8 billion of affordable housing since its founding in 1974.
Also on hand for the ceremony were HPD Commissioner RuthAnne Visnauskas; Senior Vice President & Head of CPC Resources, Inc. Thomas McGrath; Roman Catholic Bishop of Brooklyn Nicholas DiMarzio; HCR Commissioner and CEO Darryl C. Towns; and Richman Housing Resources President William Traylor.