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Over the past fifteen years, the Brooklyn neighborhoods of Park Slope and Gowanus have experienced dramatic levels of new private investment, resulting in rising rents and the loss of affordable housing for the area’s low- and moderate-income families. Today, LISC NYC’s longtime partner Fifth Avenue Committee owns and manages the largest remaining stock of affordable housing in these neighborhoods and remains committed to ensuring that the quality and affordable rents of these units are maintained. In 2016, Fifth Avenue Committee announced the FAC Renaissance project, which will renovate 21 buildings with 146 affordable units, most of which have rents of less than $650 per month. The rents will remain the same despite the major capital improvements being made to the buildings.
The project has been divided into two phases and will invest $24.3 million in development costs. Financing was made possible by direct loans from LISC NYC and TD Bank, as well as $13 million in tax credit equity syndicated by LISC NYC affiliate National Equity Fund (NEF). Additional sources of funding include HPD’s Year 15 program funds, Resolution A commitments from City Council Members Brad Lander and Steve Levin and Brooklyn Borough President Eric Adams, and an award from the Federal Home Loan Bank of New York.
FAC Renaissance construction began with the installation of new windows, lighting and boilers in a number of buildings; whole-building rehabilitation will commence soon. Some residential tenants will be temporarily relocated during their apartment renovations, but all will be able to return home once the renovations are completed. Work will include energy efficiency updates and repairs to hallways, stairways, kitchens and bathrooms, all part of Fifth Avenue Committee’s commitment to keeping its housing stock affordable for generations to come.