Meeting Critical Need for Affordable Housing in North Brooklyn

Ground was broken April 29 for a 51-unit residential building for persons of low and moderate income at 695 Grand Street in the Williamsburg section of North Brooklyn. Local businesses will occupy the ground floor which will serve as an anchor for the community’s growing commercial corridor. Total project cost is about $19.5 million. HCR funding for this project is being provided through the federal Low Income Housing Credit (LIHC) Program which will produce equity of about $11.2 million. That has leveraged funds from New York City Housing Preservation and Development’s capital program, Citi Community Capital, New York State Energy Research and Development Authori