Noel E. Jefferson (212) 863-8940(HPD), Cassandra Vernon 212-863-8076 (HPD)
MAYOR GIULIANI CUTS RIBBON TO CELEBRATE COMPLETION OF NEW AFFORDABLE HOMES IN BROOKLYN
-- Ribbon Cutting Part Of Home Ownership Month Celebrations --
Mayor Rudolph W. Giuliani today announced the completion of 11 new affordable family homes during Home Ownership Month celebrations at Linden Green Estates in the Bushwick section of Brooklyn.
The Mayor was joined by Housing Preservation and Development (HPD) Commissioner Richard T. Roberts, Brooklyn Borough President Howard Golden, New York State Housing Finance Agency (HFA) and the State of New York Mortgage Agency (SONYMA) President Stephen J. Hunt, New York City Partnership President Robert R. Kiley, City Housing Partnership President Veronica White, Vice Chair of Chase Community Development Corporation Lewis Jones, Congresswoman Nydia Velasquez, State Senator Nellie Santiago, Assemblyman Darryl Towns, Assemblyman Vito Lopez, Councilman Victor Robles, and local residents.
"It's great to be here today as the City celebrates Home Ownership Month," said Mayor Giuliani. "Home Ownership Month is a time to recognize the fundamental role of home ownership in stabilizing our blocks, our neighborhoods, our boroughs and our City. The completion of Linden Green Estates provides eleven new affordable family homes to the Bushwick community in Brooklyn. There's really nothing more exciting, and nothing that epitomizes the spirit of a revitalized City more than new homes like these. That's because homes are the City's primary source of stability and community. Just as homes sit on foundations, neighborhoods sit on foundations -- foundations made up of homes, businesses, schools, and houses of worship -- those are the things that make a neighborhood strong and secure.
"Each time a family moves into its own home, it's like a stone that drops in a puddle and ripples outward," the Mayor continued. "They make friends, patronize local businesses, develop relationships with the police, visit local parks, become involved in the local school, and join the local church or synagogue. Each one of these acts helps lift a neighborhood up and bring it together. A family that purchases a home invests in its community financially and socially. The strength of this city, and all cities, has always started in the home," the Mayor concluded.
Over the last four years, the City has worked hand-in-hand with not-for-profit organizations, community groups, and commercial sponsors to provide remarkable home ownership opportunities to low, moderate and middle-income families. HPD has created new homes for more than 6,500 families, most of them first-time home buyers. The Giuliani Administration has invested $250 million in home ownership programs and provided loan assistance to 1,500 existing homeowners to allow them to maintain or upgrade their homes.
Linden Green Estates, located at Linden Street and Evergreen Avenue, consists of 11 two-family affordable homes. Each home includes a three bedroom owner's unit, one-and-a-half baths, a private parking space, a backyard and a two bedroom rental apartment.
HPD's Neighborhood Builder Program, which is operated in conjunction with the New York City Housing Partnership, provided Welch Construction Corporation, a local construction firm, with funds to develop Linden Green Estates. The program provides small, locally-based builders and developers with technical assistance and seed loans necessary to build homes in their communities.
"The development of Linden Green Estates shows HPD's continued commitment to providing affordable housing for all New Yorkers," said HPD Commissioner Richard T. Roberts. "These homes not only show our progress towards increasing the amount of affordable housing in New York City, they also show our success in generating private investment to build new homes in New York City."
The total development cost to construct Linden Green Estates was $2.5 million. HPD provided the land and $220,000 in subsidies, $440,000 was contributed by the State Housing Finance Agency, Brooklyn Borough President Golden's Office contributed $330,000 toward the project, and the Chase Manhattan Bank provided Welch Construction Corporation a private construction loan of $1.1 million, making the homes affordable to families that earn between $22,000 and $53,000 a year. The Linden Green Estates homes are priced as low as $124,550.
"These homes typify the positive impact of a private and public partnership in revitalizing Brooklyn and enabling working families to become homeowners," said Brooklyn Borough President Howard Golden.
HFA and SONYMA President Stephen J. Hunt said, "Affordable housing is one of our most basic needs and it has unlimited potential to improve the quality of life in our neighborhoods and for individual families. The construction of Linden Garden Estates has stimulated the local economy by creating jobs, wages and tax revenues. It is these positive social and economic benefits that ripple through our neighborhoods and empower our communities today and tomorrow."
With the opening of Linden Green Estates, the Housing Partnership, an affiliate of the New York City Partnership and Chamber of Commerce, has sponsored the development of nearly 14,000 new affordable units in the City's five boroughs.
"It is important to recognize that construction of these homes not only provides affordable housing and private investment in the neighborhood, but it will also stimulate the local economy," said New York City Partnership President Robert R. Kiley. "The entire community will benefit from these homes."
"The Housing Partnership's mission is to provide affordable housing and encourage private investment in blighted neighborhoods through the redevelopment of City-owned lands and buildings," said City Housing Partnership President Veronica White. "New affordable homes represent the resurgence in the quality of life that we have worked for here in Bushwick and throughout all five boroughs."
Contact Us | FAQs | Privacy Statement | Site Map