Strada Closes $60 Million Rehabilitation Project for Brooklyn-Based Non-Profit Developer
Strada is proud to have worked on the closing of a $60 million scattered site tenant-in-place rehabilitation project for a Brooklyn-based non-profit developer. The project consists of 102 units across 12 buildings and includes the substantial rehab of a former cluster site that was acquired by the City of New York in 2019 and transferred to responsible non-profit ownership. This building is now permanently affordable housing with a 50% homeless set aside and it will share on-site social services with its neighboring building, which has a 60% homeless set aside. A joint social service space and laundry facility will be built out to benefit residents of both buildings.
Four buildings in the project are participating in HPD/NYSERDA's Electrification Pilot Program, which helps to fund the full electrification of the heating and domestic hot water systems. These buildings will also receive added insulation, new roofs, new windows, and air sealing to ensure the building envelopes are energy efficient. Residents will benefit from increased comfort in their units with electric heating and cooling and improved air quality with electric stoves.
Two other buildings in the project will undergo a net-zero energy retrofit funded in part by NYSERDA's RetrofitNY 2.0 program. The program was designed to offer grants to property owners with qualified buildings to achieve net zero energy or near-net zero energy retrofits of existing multifamily properties.
The project was also successfully awarded 13 NYCHA Project-Based Vouchers, which will significantly benefit the long-term operations of the buildings and preserve low affordability levels for tenants.
Other project funders include Local Initiatives Support Corp (LISC), HPD's Green Housing Preservation Program, HPD Resolution A, NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP), NYS Clean Heat, and NYSERDA Clean Energy Communities Program (CECP).
All buildings in the project have been pledged to the Joint Operating Entity New York City (JOE NYC), a non-profit entity that acquires and asset manages affordable multifamily properties on behalf of member non-profit Community Development Corporations with the mission to secure the long-term viability of non-profit run affordable housing and to make members more competitive in securing new affordable housing development opportunities.