CPCR, HPC, East Brooklyn Congregations (EBC), residents and partners, recently celebrated the completion of Madison Putnam, a new 48-unit affordable housing development for low-income families in the Bedford-Stuyvesant section of Brooklyn.
Madison Putnam was created under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan. The plan is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the City, the plan has leveraged $3.41 in private funding, amounting to a total commitment to date of more than $19.4 billion to fund the creation or preservation of over 131,360 units of affordable housing across the five boroughs. More than 31,414 units have been financed in Brooklyn.
Madison Putnam was built on seven previously vacant, City-owned lots. Consisting of 13 one-bedroom, 27 two-bedroom, and 7 three-bedroom rental apartments among seven buildings, Madison Putnam is affordable to families below 60% of the Area Median Income (AMI), or $49,800 for a family of four. In addition, 10 units will be affordable to families below 40% AMI, or $32,040 for a family of four.
“We are proud to add the completion of Madison Putnam to our 38-year history of providing communities throughout New York State with safe and affordable housing and stable neighborhoods,” said Rafael E. Cestero, President and CEO of The Community Preservation Corporation. “As we embark on the new phase of CPC, not only will we continue to pursue novel ways to develop and finance affordable housing, but also continue to be steadfast in our commitment to quality, affordable homes for New Yorkers. We are thankful to our partners for their vision and proud to have supported them in this project.”
The project was designed by RKT&B Architects using CPCR’s infill housing prototype—an efficient, cost-effective prototype that is designed specifically to fit R-6 zoning, which is prevalent in residential neighborhoods throughout Brooklyn, Queens, and the Bronx. The buildings are four-story walk-ups with floor-through apartments. Each building has access to a rear garden reserved for residents’ use.
Financing includes a $1.74 million conventional first mortgage and $8.24 million bridge loan construction mortgage from PNC Bank, N.A. Additionally, the project benefitted from a $1.7 million permanent loan from the New York City Pension Fund, which will go to the New York City Employees’ Retirement System, the Teachers’ Retirement System of the City of New York and the New York City Police Pension Fund upon delivery, and is insured by SONYMA. In addition, HPD provided $1.8 million in subsidy and has allocated 9% Low Income Housing Tax Credits for the project, valued at $11.6 million; PNC Bank, N.A. served as the tax credit investor.