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June 27, 2011
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| If you weren’t one of the lucky ones to get a co-op at Atlantic Terrace, more affordable and green units have opened in BK. Last week, HPD,Community Preservation Corp, and East Brooklyn Congregations celebrated the grand opening of 550 Watkins St, 104 units of new affordable housing in 13 four-story Brownsville apartment buildings. Above: CPC CEO Michael Lappin, resident Brenda Stratton, and East Brooklyn Congregations co-chair Rev. David Brawley after playing post-ceremony game of Rock, Scissors, Paper—and Brenda clearly won with those gargantuan snippers. 550 Watkins was developed under Mayor Mike’s $8.5B New Housing Marketplace Plan initiative, which will finance 165k units of affordable housing by ’14. The entire development cost $28.5M, and HDC financed the construction with $14.5M in tax-exempt bonds and lending $5.9M in low-interest subsidy. HPD provided another $6.3M, while RBC Capital Markets’ Tax Credit Equity Group syndicated $10M in tax credit equity. |
