$100M Affordable Housing Project Opens in Brooklyn
Work on both phases involved a total of $166 million in public and private investment, CAMBA Housing Ventures states.
NEW YORK CITY—Brooklyn-based CAMBA Housing Ventures officially opened the second phase of the CAMBA Gardens affordable housing project on the grounds of Kings County Hospital in the Wingate section of Brooklyn on Tuesday.
The ribbon cutting for the CAMBA Gardens Phase II project adds another 293 units to the overall project that now totals more than 500 apartments. Of the nearly 300 units in Phase II, 182 units have been set-aside for former homeless individuals and families. Work on both phases involved a total of $166 million in public and private investment, CAMBA Housing Ventures states.
CAMBA Gardens Phase I was completed in October 2013. The first residents began taking occupancy of units in Phase II in 2016, but the overall project was not officially opened until yesterday. CAMBA Gardens Phase II features a mix of studio, one, two, and three-bedroom units with 110 earmarked for residents making no more than 60% of the area median income.
The development firm announced earlier this month the project was awarded the 2018 “Excellence in Affordable Housing Development” by the Urban Land Institute New York.
“CAMBA Gardens II is a prime example of how we can provide our most vulnerable New Yorkers the opportunity to move forward and upward with their lives by living independently in a compassionate community that takes their interests and goals to heart, building a better New York for all,” Gov. Andrew Cuomo said in connection with the grand opening.
Financing for the development came from a host of federal, state and city sources. The New York State Homes and Community Renewal provided $18 million in permanent funding for the project in the form of tax-exempt bond financing and a Medicaid Redesign Team subsidy loan. In addition, HCR’s annual federal tax credit allocation generated $40.3 million in tax credit equity. Other state financing for the development includes $6 million through the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and $300,000 from NYSERDA. The state Office of Mental Health provided a $917,000 program development grant for startup costs, and gives approximately $1.8 million annually for services and operating funding for the 108 supported housing units.
In addition, the Federal Home Loan Bank of New York/AHP provided $1.45 million through member bank HSBC. The Brooklyn Borough President and the New York City Council through Councilmember Dr. Mathieu Eugene each provided $1 million in capital allocations. TD Bank provided the Letter of Credit. The New York City Department of Housing Preservation and Development contributed $20.5 million through the Supportive Housing Loan Program. Additionally, CGII received pre-development financing from the Corporation for Supportive Housing and Enterprise Community Loan Fund.
CAMBA Gardens Phase II features a five-, seven- and nine-story stepped design to complement the surrounding community. The development achieved NYSERDA, Enterprise Green Communities, and LEED Gold standards.
CAMBA has on-site social services staff working with Kings County Hospital Center to coordinate and streamline medical and mental health care for tenants. Social services available to tenants, include case management, supportive counseling, coordination of health care and education, nutrition and fitness classes, recreational/family activities, and computer training.