NeighborWorks Capital is pleased to extend a $1.5 million predevelopment loan to Fifth Avenue Committee (FAC) in Brooklyn, NY. Funds will be used to commence predevelopment work for Building D in the Gowanus Green Building complex, a 10-story new construction development of 81 affordable housing units. The project will offer permanent supportive housing for 49 formerly homeless, very low-income disabled individuals and 31 low-income households, plus one super’s unit.
This is the first phase of a 3-phase, 6-building project in partnership with 4 additional developers that will ultimately create 950 units of affordable housing in a part of Brooklyn that has limited affordable housing options and a rapidly growing population. The entire development will be built to Enterprise Green Communities standards for energy efficiency, water use, and greenhouse gas emissions. FAC will also seek Passive House certification for Building D through an all-electric design and extensive use of heat pumps for heating and cooling.
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 2 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.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.