NYC unveils plan for 100% affordable homeownership development in Bed-Stuy

Reproduced with permission from Leong Leong

The city’s Department of Housing Preservation and Development announced last week its plan to build a 100 percent affordable home development in Bed-Stuy as part of the Bedford-Stuyvesant Housing Plan. HPD will work with Almat Urban and Bedford-Stuyvesant Restoration Corporation to develop Norma, an 11-story mixed-use property that offers 44 home ownership options to first-time buyers. Located on Fulton Street and Howard Avenue, The Norma offers a mix of one- to three-bedroom condominium-style units for those with low to middle income households.

Rendered courtesy of the NYC Department of Housing Preservation and Development

The Norma is part of a 2020 housing plan designed by the HPD to provide affordable rental and property opportunities for families in Bed-Stuy. Funded by the city’s Open Door program, homes in the building will be available to New Yorkers earning between 70 and 110 percent of the median income in the area or families of three with household incomes between $ 64,000 and $ 118,000.

The proposed development ensures that a minority, women-run or not-for-profit company owns a 25% interest in the property, which meets equitable ownership requirements.

“The thoughtful proposals from Almat Urban and Bed-Stuy Restoration Corporation reflect the neighborhood’s desire for more affordable home ownership,” said HPD Commissioner Louise Carroll.

“These plans advance many of the Bed Stuy Housing Plan’s priorities to protect residents from displacement and promote fair ownership between M / WBE and nonprofit developers. Norma gives low-income families the opportunity to buy their first home, build wealth and get a real stake in the future of their neighborhood. “

The first floor of Norma will accommodate an emergency center operated by the Brownsville Multi-Service Wellness and Health Center, offering adult medicine, pediatric, physiotherapy, obstetrics / gynecology, mental health and dentistry services.

The building will also have a communal terrace. Condominium amenities include storage rooms, washer / dryer connections, Juliette balconies, and free Internet access. After completion, the property should meet the passive house certification standards thanks to its efficient heating and cooling systems.

“We are excited to house forty-four units in a highly designed building, The Norma, with our partner Bed-Stuy Restoration and its chairman Colvin Grannum and EVP Gordon Bell,” said Almat Urban Principal Donald Matheson. “We are excited to work with HPD and the community to make this project a model of how affordable housing and property can be in the city.”

The Norma is one of two developments in the plan, the other is also on Fulton Street on the southwest corner of Saratoga Avenue. Both Norma and Fulton Streets are one block from the Avenue C subway station, as well as a USPS post office, grocery stores, pharmacies, and community resources like the Eagle Academy for Young Men II and CAMBA. removed multi-service center.

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Keywords:
Almat Urban, Bedford-Stuyvesant Housing Plan, Bedford-Stuyvesant Restoration Corporation, New York City Department of Housing Preservation & Development

Neighborhoods:
Bed study

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