State Agencies Approve Funding for Affordable Housing Units in B’klyn
by Brooklyn Eagle (edit@brooklyneagle.net), published online 06-21-2007

$22 Million in Financing, Grants, Mortgage Assistance For 218 Housing Units in 4 Brooklyn NeighborhoodsBROOKLYN — Four neighborhoods in Brooklyn will receive affordable housing financing, grants and mortgage assistance totalling $22 million from three state agencies.
The boards of the New York State Housing Finance Agency (HFA); New York State Affordable Housing Corporation (AHC), a subsidiary of HFA; and the State of New York Mortgage Agency (SONYMA) approved the financial commitments for Brooklyn and three other boroughs yesterday. The funds will be used to finance the construction and renovation of 654 units of affordable housing citywide.
In Brooklyn, the AHC and SONYMA approved more than $22 million for 218 units of affordable housing. The following will receive mortgage insurance from SONYMA:
• Bedford-Stuyvesant — Magnolia Plaza, a 102-unit low-income rental complex in Bedford-Stuyvesant will receive $7.2 million to cover a loan from the New York City Housing Development Corporation (HDC) for rehabilitation.
The following recipients are projects of the New York City Housing Partnership (NYCHP):
• Brownsville — 10 three-family homes on scattered sites in Brownsville will receive $1.087 million in AHC construction grants. Additional assistance is being provided by the New York City Department of Housing Preservation and Development (HPD).
• Fort Greene — 40 new co-op units in an 80-unit development in Fort Greene will receive $1.6 million in AHC grants and more than $6.4 million in SONYMA mortgage insurance. Additional assistance will be provided by the Brooklyn Borough President’s Office, HPD and HDC.
• East New York — A project in East New York/Brownsville will receive $1.28 million in AHC grants for the acquisition and rehabilitation of 32 units. Additional assistance is being provided by HPD.
• Bedford-Stuyvesant — 34 new co-op units on Gates Avenue in Bed-Stuy will receive $1.187 million in AHC grants and $3 million in SONYMA mortgage insurance. Additional assistance is being provided by the borough president, HPD and HDC.
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