Affordable housing in Williamsburg is about to get a serious boost, as Slate Property Group and RiseBoro Community Partnership have closed construction financing for two new affordable housing projects that will create 312 rental apartments, the developers say. Sixty percent of the units will be reserved for formerly homeless New Yorkers, with the remainder offered at rents affordable to low income households. RiseBoro will own and operate both buildings and plans to provide on site social services and recreation space for residents.
Project scope and layout
A memorandum from the New York City Housing Development Corporation (HDC) describes the plan as two 13 story buildings at 178 Montrose Avenue and 73 Meserole Street totaling 312 residential units, 163 at Montrose and 149 at Meserole, and notes the apartments will be affordable to households earning at or below 60 percent of area median income. The filing shows the unit mix skews heavily toward studios, with a smaller number of two and three bedroom homes. RiseBoro is listed in the HDC materials as the fee owner and operator upon completion.
Funding and financing
Developers say they closed on a roughly $162.9 million construction loan arranged by HDC and originated by J.P. Morgan Chase, according to Commercial Observer. The financing package relies on tax exempt bond proceeds, Low Income Housing Tax Credits syndicated by Hudson Housing Capital, loan support from city housing agencies and the Department of Homeless Services’ 15/15 supportive housing program, according to a developer release. The structure pairs private lending with public subsidy to keep the apartments permanently affordable.
Green design and resident services
Developers say both buildings will be all electric, with heat pump water heaters and modern cooling systems, and will adhere to Enterprise Green Communities criteria; plans also call for on site social services, indoor and outdoor recreation areas, fitness facilities and laundry, BK Reader reports. RiseBoro has emphasized long term operations and resident support in statements tied to the announcement. The sites are transit accessible, within walking distance of the Montrose Avenue L stop.
Why it matters
Putting 60 percent of units toward formerly homeless households is a deep supportive housing commitment in a neighborhood that has otherwise seen heavy market rate development. Rents for the remaining apartments are expected to start around $1,339 for a studio and $2,304 for a three bedroom, and Slate co founder David Schwartz framed the project as an effort to bring affordability into an expensive part of the city, Commercial Observer reported. Neighbors and community groups will be watching construction timelines and how on site services are delivered.
What’s next
Official design drawings and an architect of record do not yet appear in public HDC filings, and total building square footage has not been disclosed, though press coverage has circulated renderings credited to an architecture firm. New York YIMBY covered the announcement, and developers say construction will proceed now that financing is in place.
