House Democratic Leader Hakeem Jeffries (D-N.Y.) on Wednesday secured $1.4 million in federal funding to support the Interboro Community Land Trust, a nonprofit dedicated to creating permanently affordable housing across New York City.
The funding will be used to build and rehabilitate multifamily buildings in East New York and Bedford-Stuyvesant, according to a press release. The initiative aims to create up to 100 permanently affordable cooperative housing units for households earning between 50% and 80% of the Area Median Income.
“It’s important for us to fight to protect public health, public education and public safety, but none of it matters if people are pushed out of the only neighborhoods that they’ve ever called home," Jeffries said.
Interboro CLT works to develop and maintain permanently affordable homes for low- and moderate-income households across New York City’s five boroughs. The organization is a coalition of multiple housing groups, including the Center for New York City Neighborhoods, the Mutual Housing Association of New York, Habitat for Humanity NYC and Westchester County and the Urban Homesteading Assistance Board.
Christie Peale, the executive director of the Center for New York City Neighborhoods, said the initiative would ensure housing security for generations of Brooklyn residents.
“We are grateful to Leader Jeffries for his leadership and investment, and are excited to work with him on the development of housing that will help create stability for Brooklynites for generations to come,” said Peale. “Interboro is a crucial component of a set of housing solutions that will support permanent affordability, maintain equity, and ensure that working and low-to-moderate income families in our community can remain here.”
The funding will help support the Mosaic project, a 42-unit scattered site development, as well as the rehabilitation and electrification of 17 cooperative units at 25 MacDonough St. in Bedford-Stuyvesant.
