NEW YORK'S NEW BILLION DOLLAR HOUSING PROJECT
Construction has begun on a $1.5 billion housing project in New York which the developers hailed as "a massive step" towards solving the city's housing crisis.
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Built on the site of a Christian megachurch in southeastern Brooklyn, Innovative Urban Village will provide over 2,000 affordable homes to New York Residents by 2031. The developers are keen to provide New Yorkers with cheaper residencies in one of America's priciest cities, and hope the project will encourage similar initiatives throughout the city and nation.
The project is a collaboration between Monadnock Development, real estate developer Gotham, and the Christian Cultural Center, a megachurch located in Brooklyn which claims over 32,000 members.
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The first phase of the project will include a residential component consisting of 386 affordable homes, with no less than 50% of the homes being reserved for those on between 30% to 60% of area median income.
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In addition, phase one will include around 17,000 square foot of retail and commercial space, which its developers believe "will create a gathering hub for residents of the new community and our existing East New York neighbors."
The second phase will add an additional 453 homes, alongside 10,000 square foot of commercial space, and 12,500 square foot of day care space.
Further phases are anticipated to deliver 1,000 more homes.
Reverend Alfonso R. Bernard is the founder and CEO of the Christian Cultural Center, on whose 10.5-acre campus the village will be constructed.
Bernard told Newsweek: "With community space, a new grocery store and hundreds of affordable housing units, Innovative Urban Village is set to have a resounding impact on East New York for generations to come."
The first phase of the masterplan obtained financing in March, and construction commenced in April 2024.
The press team for Innovative Urban Village told Newsweek that the first phase is on track to be completed by July 2026, with completion of the entire development scheduled for 2031.
Once open, applications for the low-cost housing will be made through the New York Affordable Housing Lottery, and via the Housing Connect portal.
The developers said that the entire project would cost "in excess of $1.5 billion," which is being sourced through contributions from various New York state housing agencies, as well as Goldman Sachs Alternatives.
Innovative Urban Village told Newsweek that the focus was "to ensure economic mobility within the community and access for Brooklynites and members of our city to gain access to the urban village."
"Although nearly 2,000 homes is a massive step forward towards solving a housing crisis, this is only one step forward toward creating the 100,000s of homes needed to alleviate both the dearth of housing and rent burden given our workforce is competing for very limited product," they said.
Its developers also hope that Innovative Urban Village will inspire similar projects across New York, and said that there were multiple faith-based institutions across the city with underutilized properties that could be transformed in a similar way.
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2024-06-28T17:31:01Z dg43tfdfdgfd
