[IMGCAP(1)]BROOKLYN, NY-A long-dormant block on Atlantic Avenue in Ocean Hill-Brownsville, Brooklyn, is expected to generate almost $34.5 million in economic stimulus, thanks to the affordable condominiums that Habitat for Humanity is building on the site. Every dollar invested by Habitat-NYC in its Atlantic Avenue complex, will generate approximately $3 in economic activity to New York City, HR&A Advisors Inc. reported in a July 2008 economic and fiscal impact study.

HR&A examined the Habitat-NYC’s Ocean Hill-Brownsville project, which comprises 41 units of affordable condos. About 10,000 volunteers will help construct these homes, spending money in the community and helping revitalize it, according to a prepared statement. Habitat-NYC will buy supplies from local businesses; and construction workers, future homeowners and volunteers will buy lunches in the area. Together, this is expected to channel nearly $2 million directly to Ocean Hill-Brownsville during the two-year construction period. Volenteer work began September 2007.

[IMGCAP(2)]Josh Lockwood, executive director of Habitat-NYC, tells GlobeSt.com that the 53,000-sf multifamily building comprises one-, two- and three-bedroom condos and will consist of three four-story buildings. Construction is expected to be completed in 2009.

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