The new development offers one-, two- and three-bedroom apartments and features a common yard, shared laundry, storage facilities and bicycle parking
A new development along the Eastern Parkway corridor is bringing 25 affordable cooperative apartments to Brownsville.
The project titled Seed,” located at the intersection of Park Place, Thomas S. Boyland Street and East New York Avenue, consists of three new four-story buildings including seven one-bedroom, 15 two-bedroom and three three-bedroom apartments. Individuals up to families of six are eligible for the apartments of varying sizes. All units are part of a cooperative corporation which owns the building and is run by a board of directors elected by the apartment owners.
The apartments will be affordable for working families making 50 to 80 percent of New York Citys Average Median Income (AMI). The development incorporates a sustainable design approach, helping to keep utility costs low and New York City clean. The project features a common rear yard, connecting all three buildings, as well as shared laundry, a community room, storage facilities and bicycle parking. Public transportation is also nearby: The complex is a short distance from the 2, 3, 4, 5, A and C trains, and from numerous bus lines through central Brooklyn.
Eligible applicants must meet the following criteria:
- Be a first-time homebuyer as established by the US Department of Housing and Urban Development (HUD);
- provide 1 percent cash down payment;
- have sufficient credit history, with no accounts in collection, no charge-offs, no unsatisfied public records and no bankruptcies within the last three years;
- earn 50 percent -80 percent of area median income (AMI) as established by HUD;
- establish a monthly savings account;
- participate in financial/homeownership education.
The project is spearheaded by Habitat for Humanity New York City and co-developer Latent Productions. Vacant for years, the nonprofit housing developer acquired the 19,300 square-foot site from the city and broke ground in 2017; the project is expected to be completed in 2019. Habitat for Humanity NYC works with both government agencies and philanthropic donors to help New York families to build equity, financial stability and self-reliance through affordable homeownership and financial education.
Applications are now open and can be downloaded online. The application deadline is August, 28. More information is available on Habitat for Humanity’s website or during an upcoming info session on Thursday, July 26, 6:00pm, at 111 John Street New York, NY 10038.
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