In Bedford-Stuyvesant, Brooklyn, affordable housing will be soon within reach for over 30 New York City families, as the New York City Department of Housing Preservation and Development (HPD), together with private and public partners including Shelter Rock Builders LLC (SRBuild), The Community Preservation Corporation (CPC) and local elected officials, celebrated the completion of Phase I of the Bedford-Stuyvesant North & Central development.
The ribbon cutting marks the delivery of 31 new affordable rental and for-sale homes across 11 lots, expanding both homeownership and rental opportunities for moderate-income New Yorkers.
“SRBuild and Heritage V are very proud to celebrate the completion and ribbon cutting of the Bed-Stuy North & Central Phase 1 homeownership project. For aspiring first-time homebuyers, owning a home serves as a vital pathway to building intergenerational wealth. It fosters self-worth, confidence and a sense of accountability to both family and society,” said Ben Shavolian, president of Shelter Rock Builders.
Developed by SRBuild and financed through HPD’s Open Door program, the project created nine three-family and two two-family buildings, creating 11 homeownership and 20 rental opportunities.
“Today’s ribbon cutting marks the beginning of new chapters for families who now have a place to call home,” said Jason Osborn, vice president, mortgage officer, CPC. “We’re proud to have helped make homeownership more attainable and affordable for more New Yorkers, and we remain committed to supporting inclusive growth and financial empowerment in communities like Bedford Stuyvesant.”
As part of this larger effort, some of the units created through the Bedford-Stuyvesant North & Central project utilize HPD’s critically important affordable homeownership financing program “Open Door.” This program promotes the construction of new homes affordable to New York City’s workforce and encourages mixed-income communities. Through this program, homes are made affordable to households earning up to 120% of area median income (AMI).
“We are really honored to be part of this collaboration, bringing much-needed affordable homeownership opportunities into Bedford-Stuyvesant,” said Salvatore D’Avola, executive director, restored homes, HDFC. “These long-standing vacant lots have been transformed into 11 two- and three-family homes. The purchasers of these homes are fulfilling the American dream of homeownership.”
The project received nearly $10 million in financing from HPD, approximately $8 million in construction financing from CPC and $910,000 in grant funding from the New York State Affordable Housing Corporation.
Phase II will bring the total to approximately 76 affordable homeownership units.
