Eric Adams To Commit $3Mil To Affordable Housing
Brooklyn’s affordable housing effort is about to receive a boost.
Borough President Eric Adams said Thursday that he is designating more than $3 million in city funding to developing and preserving affordable units. Beneficiaries are concentrated in rapidly gentrifying neighborhoods like Crown Heights, East New York and Bushwick, where rising rents are outpacing the production of affordable units.
“Brooklyn has the title of being the most unaffordable place to live” in the city, Adams said during a press conference outside an affordable housing complex in East New York.
The complex’s management, Mutual Houses of New York, will receive the most in new funding — $750,000 to renovate existing apartments and construct new affordable units. Other recipients include the Contello Towers II development in Gravesend, which will get $238,000 for energy retrofitting, and the Howard Houses in Brownsville, which will receive $100,000 for security cameras.
“Preservation is a lot more cost-effective than construction,” said City Councilman Jumaane Williams, who chairs the housing committee.
Still, a significant portion of the new funds — roughly $2 million — will go toward constructing new affordable units in Cypress Hills, East New York and Sunset Park, Adams said. Construction is slated to begin as soon as October and is expected to conclude in two years.