NeighborWorks Capital is pleased to provide a $2 million predevelopment loan to Fifth Avenue Committee (FAC) in Brooklyn, NY. These funds, in combination with the outstanding balance of an existing predevelopment line of credit, will be used for the development and rehabilitation of at least six multi-unit housing developments in Brooklyn, NY, with the possibility of additional projects. In total, over 315 affordable housing units will be available upon completion.
The developments in this project include a 190-unit new construction affordable housing development, an existing 6-unit rent stabilized building occupied by low-income residents in need of significant rehabilitation, and 48-unit permanently supported housing with 3,000 square feet of commercial space in need of renovation. All of this work supports Fifth Avenue Committee’s efforts to advance economic and social justice.
In addition to developing and managing affordable housing and community facilities, FAC offers workforce training and job placement assistance, connections with tax preparation, legal, financial, and credit counseling resources, adult education and literacy classes, and community organizing activities. Their programs and services directly impact the lives of 5,500 low-moderate-income New Yorkers annually.
NeighborWorks Capital has made three other loans to Fifth Avenue Committee, and we are happy to continue our support of their work to make communities in Brooklyn, NY, more equitable, sustainable, inclusive, and just so that all can live and work with dignity and respect.
