The New York City Department of Housing Preservation and Development (HPD) today announced the development partners and plans for Site 1 of the Bedford-Stuyvesant Community Wealth and Wellness RFP. Almat Urban and the Bedford-Stuyvesant Restoration Corporation will transform a City-owned site in Central Brooklyn into a 100 percent affordable homeownership development for first-time home buyers. The 11-story mixed-used development, the Norma, will give rise to 44 homeownership opportunities through a mix of one- to three-bedroom condo-style coops for low- to moderate-income households with a broad range of affordability.
“The thoughtful proposals of Almat Urban and the Bed-Stuy Restoration Corporation reflect the neighborhood’s desire for more affordable homeownership opportunities,” said HPD Commissioner Louise Carroll. “These plans move forward many of the priorities in the Bed-Stuy Housing Plan to protect residents from displacement and promote equitable ownership among M/WBE and nonprofit developers. The Norma gives low-income families the chance to buy their first home, build wealth, and grab a real stake in their neighborhood’s future.”
The Norma will be financed through HPD’s Open Door program for affordable coops and condos. Units will have a broad range of affordability up to 110% the Area Median Income (AMI) – or a family of three earning less than $118,000, with a majority of units between 70% and 100% AMI – or family of three with incomes ranging from $64,000 to $108,000. The selected proposal meets the new Equitable Ownership requirement that a Minority and Women-Owned Business (M/WBE) or non-profit firm hold a minimum 25% ownership stake in City-financed projects developed on public land.
Under the plans, the Brownsville Multi Service Wellness and Health Center will operate a new urgent care facility on the ground floor, providing services for adult medicine, pediatrics, physical therapy, OB/GYN, mental health, and dentistry, among others. The condo units will come with individual storage spaces in the cellar and other amenities like a washer/dryer hook up, Juliette balconies and free building-wireless internet access. A community terrace on the second floor will create space for community building, resident organizing and activities. Additionally, the building is designed to comply with Passive House energy efficiency and sustainability standards with a fully electric mechanical heating and cooling systems.
“We are happy to bring 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 Donald Matheson, Almat Urban Principal. “We’re excited to work with HPD and the community to make this project a model for how affordable housing and affordable ownership can be in the city.”
“Bedford Stuyvesant Restoration Corporation (Restoration) is honored to be a part of the Bed-Stuy Collective team selected to develop Site 1 as a mixed-use homeownership and commercial project to be known as The Norma,” said Colvin Grannum, Bedford Stuyvesant Restoration Corporation President and CEO. “Restoration’s mission is to relentlessly pursue strategies to close gaps in family and community wealth to ensure that all families in Central Brooklyn are prosperous and healthy. Our strategic priority is to disrupt and close the racial wealth gap. The Norma fully aligns with Restoration’s mission and priorities.”
Bed-Stuy Housing Plan
The project advances key goals in the Bedford-Stuyvesant Housing Plan. The plan is the result of the Bedford-Stuyvesant Housing Initiative – a collaboration of the city with local organizations, community members, and elected officials to address the housing needs of the rapidly changing neighborhood. During outreach efforts for the plan, residents expressed a desire for more homeownership opportunities affordable to low-to-moderate income families and for facilities that promoted healthy living and community wellness, local physical exercise, and holistic healing services through local programming or design.About the Project Team Almat Urban (AU) is an MBE development company developing residential multi-family projects and real estate acquisitions throughout the tristate area. Founded two years ago, AU’s principal was part of the joint venture with Habitat for Humanity NYC that successfully completed Sydney House in the Bronx, the City’s first project using the Open-Door program. They have additional homeownership projects planned for other sites in Brooklyn, the Bronx, and Queens.
Bedford-Stuyvesant Restoration Corporation is a community development corporation that serves Central Brooklyn with business development, personal finance, health and wellness, arts and culture and overall community investment programming. Restoration has developed more than 2,300 units of affordable housing; placed more than 24,000 Brooklyn residents in jobs; and provided free financial coaching services to close to 10,000 clients. It also owns and manages Restoration Plaza, which provides programs and facilities, and serves as a hub of arts, education, community engagement, non-profit services, and commerce.
(Visited 1 times, 495 visits today)