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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

September 28, 2000

Department of Housing
Preservation & Development
Contact:Carol Abrams
(212) 863-5176

New York City Housing Partnership
Contact:William Mullin (212) 493-7514
Bud Perrone (212) 843-8068
Rubenstein Associates, Inc.

AFFORDABLE HOUSING DEVELOPMENT BRINGS MODERATE-INCOME HOMES TO BEDFORD-STUYVESANT
Public Officials, Community Leaders and Local Businesses Celebrate Construction of E.I. Key Maple Gardens

(Brooklyn, NY) September 28, 2000 - Public officials, developers, community and business leaders as well as new homeowners gathered today for a ribbon-cutting ceremony to celebrate the completion of E. I. Key Maple Gardens, a development of 45 affordable three-family homes in the Bedford-Stuyvesant section of Brooklyn.

Located on MacDougal, Hall and Fulton Streets between Saratoga and Howard Avenues, Maple Gardens was constructed through New York City's largest new housing construction program, the Partnership New Homes Program, a public/private initiative of the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Partnership.

The development is the sixth of nine phases undertaken through the Saratoga Square urban renewal plan. When complete, the program will have created more than 800 units of new moderate-income housing - all located in the Bedford-Stuyvesant and Ocean Hill areas of Central Brooklyn.

Each home consists of an owner's unit and two additional rental units. The owner's apartment has three bedrooms and two fullbaths. A one-bedroom rental is located on the second floor, and a two-bedroom rental is located on the third floor. In keeping with program guidelines, the homes were purchased by families with annual incomes between $32,000 and $70,950.

Among the many partners in the construction of Maple Gardens were Brooklyn Borough President Howard Golden and New York City Council Member Tracy Boyland, who each provided $405,000 in grants. The New York State Affordable Housing Corporation provided $1,687,500 of grant funds. New York City, through HPD, contributed the land and $1,350,000 in subsidies.

Chase Manhattan Bank and Roslyn Savings Bank acted as construction lenders, providing $9 million in loans. As the community sponsor, Neighborhood Housing Services' Bedford-Stuyvesant offices assisted in marketing as well as outreach to the community. The developers were L&M Equity Participants LTD and Loewen Development.

"We are pleased to host this ribbon-cutting during Homeownership Month," said HPD Commissioner Jerilyn Perine. "The creation of 45 three-family homes underscores our commitment to providing quality, affordable housing to New Yorkers."

"Maple Cardens is an excellent housing development resulting from a collaboration between my office and the New York City Housing Partnership. I am pleased that this development provides homeownership opportunities to moderate- and middle-income residents while also providing rental units. I am proud of the work we have accomplished and pleased to have added another component to the rejuvenation of the Bedford-Stuyvesant community," said Brooklyn Borough President Howard Golden.

"The Saratoga Square Project has been a model for local development initiatives across the City. By developing affordable housing, we help reinvigorate the tax base of our neighborhoods and stabilize our communities," said City Council Member Boyland.

"AHC is committed to providing financial resources that help hard working New Yorkers become homeowners. These grants are just one example of how the agencies are carrying out Governor Pataki's commitment to create affordable housing in New York State," said Stephen J. Hunt, President and CEO of AHC. "Affordable housing is the cornerstone of a strong community. These grants are investments in the future of New York City and will have positive social and economic benefits for homeowners and the Brooklyn community for years to come."

"As evidenced by Maple Gardens and other housing initiatives in the Saratoga Square area, the New York City Housing Partnership is committed to rebuilding entire neighborhoods. With HPD, we have developed, or are in the process of developing, 2,300 new units of affordable housing on vacant, city-owned land throughout Central Brooklyn," said Charles A. Brass, President and CEO of the New York City Housing Partnership.

"High quality and affordable housing developments such as Maple Gardens fulfill a great need in our community, as evidenced by how fast these homes were sold," said Orville Brathweite, Neighborhood Director of NHS' Bedford-Stuyvesant office. "Together with the developer, L&M Equity Participants, LTD, and our public and private partners, we are already pressing ahead with similar development opportunities."

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1994, the agency has completed the construction or rehabilitation of 65,000 units of affordable housing. To request a home ownership kit from HPD, call (212) 863-8000.

Neighborhood Housing Services is a citywide, non-profit organization working to increase and protect investment in under-served neighborhoods, to help people help themselves through education and support, to promote neighborhood self-reliance, and to create, preserve and promote affordable housing in New York City.

The New York City Housing Partnership works to promote development of affordable housing, revitalization of neighborhoods and expanded participation by local residents and entrepreneurs in the economic benefits of community development. The Housing Partnership was established in 1982 by the City's premier business and civic organization, the New York City Partnership, and has constructed or rehabilitated more than 20,000 units of housing. For more information, log on to www.nycp.org.




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