2022 Development that Best Exemplifies Metropolitan Community Impact
A fast-growing neighborhood in Brooklyn has an additional 218 affordable housing apartments and dramatically more sustainable and healthy food choices thanks to 50 Penn. The property has affordable housing, plus a 28,210-square-foot grocery store and two neighborhood retail spaces that will create new commercial space in an underserved area, improve the streetscape at a key intersection and provide deeply affordable housing.
Developer Pennrose split the property into five condos to maximize the ability to use bonds and LIHTC equity, two for the housing and three for retail spaces.
The property received $35.1 million in LIHTC equity from CitiBank toward the $104.6 million total cost, along with funding by multiple state and city agencies. Without the LIHTC funding (and the tax-exempt bonds), the property would have struggled to move forward as a 100% affordable housing development.
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