Edgemere, Queens, NY – November 23, 2015 – (RealEstateRama) — New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC) and the New York State Homes and Community Renewal (HCR) joined The Bluestone Organization, Triangle Equities Development Company, and partners to celebrate the start of construction on Beach Green North, an energy-efficient and resilient, affordable housing development in the Edgemere section of Far Rockaway, Queens. Once constructed, Beach Green North is designed to be the single largest Passive House multi-family building in the country certified by the Passive House Institute of the United States (PHIUS).
The Beach Green North development is financed under Mayor Bill de Blasio’s Housing New York: A Five-Borough, 10-Year Housing Plan. The most comprehensive affordable housing plan in the City’s history and largest municipal housing plan in the nation, its goal is to create and preserve 200,000 units of affordable housing for very low- and middle income families to help address New York City’s affordability crisis. Beach Green North includes planning measures that answers the City’s call for thoughtful development of vacant city-owned land that is designed to meet the needs of its community.
The total development cost for Beach Green North is approximately $32.5 million. HDC provided $14.4 million in tax exempt bonds towards construction financing and $7.6 million in subsidy towards permanent financing from their corporate reserves. HPD provided $7.6 million in City Capital in permanent financing. HPD also provided low-income housing tax credits. HCR is providing more than $900,000 in New York State low-income housing tax credit equity. Bank of America provided $2.0 million in subordinate loan funds and provides credit enhancement on this project.