The 16 families that make up the 2178 Atlantic Avenue HDFC co-op in Brownsville were able to secure the funding needed to preserve their home with the assistance of the Habitat NYC Community Fund, according to PR Newswire.
The Community Fund, which is a division of Habitat for Humanity, helped the tenants secure a $893k Fresh Start Loan in order to avoid foreclosure. In addition, the Brooklyn Law School and Kramer, Levin, Naftalis, and Frankel LLP provided the tenants with pro bono legal assistance during their bankruptcy case.
Earline King, president of the HDFC, called Habitat for Humanity’s involvement “simply life changing,” and that “three generations of families are forever grateful.”
The 16 unit non-profit membership co-op, was founded in 1980. After receiving tax assistance from the city for its first 20 years, the HDFC has struggled to keep up financially in recent years. According to PR Newswire, this is partially due to their taxes being incorrectly raised to market rate. After ten years of working to resolve this situation, the Fresh Start Loan will restore stability.
This also marks a large victory for the Habitat NYC Community Fund, which was formed in 2018 by Habitat for Humanity. The fund promotes home-ownership and community development, often through raising capital for clients in need.
“These tenacious homeowners have faced so many hurdles in their fight to hold onto their homes,” said CEO of Habitat for Humanity NYC and President of the Community Fund, Karen Haycox, adding that she is “so proud that Habitat for Humanity New York City was able to support them in winning this decades-long struggle.”
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