New York

Fifth Avenue Committee to Bring the First Affordable Housing Development in a Decade to Sunset Park, Brooklyn

Fifth Avenue Committee (FAC)’s latest development will bring affordable homes for seniors to Brooklyn’s Sunset Park for the first time in nearly a decade.

“The housing crisis is especially acute for low-income seniors, so we wanted to focus on providing homes for them,” said FAC Project Manager Vincent DeCesare.

The proposed project would provide 84 affordable apartments for very-low income seniors in the immigrant-dense neighborhood southwest of Park Slope and Red Hook. Fifth Avenue Committee reached out to NeighborWorks Capital for a $400,000 loan for predevelopment costs for the new construction and rehab project in advance of securing a LIHTC allocation.

A little security goes a long way

How NeighborWorks Capital is helping affordable housing organizations access larger, undersecured loans for big projects

$400,000 Predevelopment Loan with First-Time NC customer FAC

High Impact Housing in Brooklyn, NY

$1,500,000 Predevelopment line of credit for RUPCO

High Impact Redevelopment in Hudson Valley with RUPCO