2013 LIHTC Development that Best Demonstrates Financial Innovation

Winner

CAMBA Gardens Phase 1

Developer: CAMBA Housing Ventures Inc.
Location: Brooklyn, N.Y.

camba-gardens-exterior-2-photo.jpg
Photo: Courtesy of CAMBA Housing Ventures, Inc.
CAMBA Gardens in Brooklyn, N.Y. is comprised of two buildings – 690 (above) and 738 Albany Avenue (not pictured), separated by a hospital access road.

The 2013 LIHTC Property that Best Demonstrates Financial Innovation Award is presented to CAMBA Housing Ventures Inc. for its development of the CAMBA Gardens Phase 1 (CGI) in Brooklyn, N.Y. CGI is a national pilot development that transformed surplus hospital property into much-needed affordable housing. The property offers 209 units to low-income families with special needs and formerly homeless individuals.

CAMBA Housing Ventures Inc. demonstrated financial innovation by combining multiple local, county and state funding sources. CAMBA Housing Ventures leveraged $66.8 million in funding from a wide range of public financing and private equity, including the New York State Housing Finance Agency (HFA), the New York City Department of Housing Preservation and Development’s Supportive Housing Loan program (HPD SHLP), Homeless Housing Assistance Program (HHAP), Federal Home Loan Bank Affordable Housing program (AHP), Brooklyn Borough President and City Council Reso-A funds, a grant from the New York State Energy Research and Development Authority (NYSERDA) and $500,000 in low-income housing tax credit (LIHTC) equity.

David Rowe, executive vice president of CAMBA Housing Ventures Inc., describes the property as an innovative model of co-locating housing with health care. CAMBA Housing Ventures reports that this model encourages tenants to use the hospital’s primary and preventative medical and mental health services. Because CAMBA Housing Ventures Inc. believes that there is a link between poverty, homelessness and health care, the company says it is imperative that residents receive streamlined health services to transition to independence and community integration. CGI units are also permanently affordable, creating housing stability in a community where there is considerable demand for affordable housing. CAMBA Housing Ventures reports CGI has received more than 7,000 applications from prospective tenants.

By the time CGI had reached the lease-up phase, 59 Brooklyn residents were employed at the property, and 76 Brooklyn-based contractors, subcontractors and vendors have worked at CGI.

Congratulations to CAMBA Housing Ventures Inc. for masterfully combining a wide array of public financing and private equity to provide permanent affordable housing and healthcare services to the most vulnerable individuals in New York. 

Honorable Mention

Bud Clark Commons

Developer: Home Forward (Formerly Housing Authority of Portland)
Location: Portland, Ore.

bud_clark_page_4_image_0001.jpg
Photo: Courtesy of Home Forward
The eight-story, 106,000 square foot Bud Clark Commons in Portland, Ore. includes a walk-in day center; a men’s shelter; and more than 130 units of permanent housing for homeless individuals.

The honorable mention for the 2013 LIHTC Property that Best Demonstrates Financial Innovation Award is given to Home Forward for leveraging $44.8 million through a combination of sources to develop Bud Clark Commons in Portland, Ore. Bud Clark Commons brings together permanent supportive housing, shelter and services in one location to help homeless individuals transition to self-sufficiency and stability.

Home Forward received strong state and local support, receiving $28.1 million in tax increment financing from Portland Housing Bureau. Home Forward also received state low-income housing tax credits (LIHTC), an investment from Wells Fargo and a federal grant that totaled $11.7 million.

Bud Clark Commons, which offers 130 units of permanent supportive housing and a day center, currently houses nearly 200 formerly homeless or at-risk individuals.

Return to 2013 Developments of Distinction Award Recipients