New York Projects Awarded $14.4 Million In Tax Credits
Earlier this week, New York allotted $14.4 million in low income housing tax credits to numerous inexpensive housing projects throughout the city, three of which are located in Brooklyn.
Working alongside the Cuomo administration in Albany, New York City’s project will support 737 affordable homes. Work being done on these units is projected to create nearly 1,400 new jobs.
“The state of New York is pleased and proud to provide these resources to support New York City’s efforts to provide affordable housing opportunities to hundreds of our families” said Daryl C. Towns, New York State Homes and Community Renewal commissioner.
The Brooklyn projects include: the Truxton Residence, developed in partnership with Service for the Underserved in Brownsville; 329 Lincoln Road, developed in partnership with Province House and Alembic Development in Crown Heights South; and Cyprus Village, developed in partnership with Cyprus Hills Local Development Corporation in Cyprus Hills.
“The creation and preservation of affordable housing is an economic engine for the city, strengthening our neighborhoods and providing housing for New Yorkers with a range of incomes” said Mayor Bloomberg. “These tax credits allow us to leverage private sector investment to fund 737 units in 13 projects, creating nearly 1,400 construction and construction related jobs.”