The Community Builders (TCB), a nonprofit real estate firm, announced the securing of a $1 million loan that will go toward supporting the cost of a eight-story apartment building near downtown Far Rockaway.
The building, located at Ocean Crest Boulevard and Bay 32nd Street, will be outfitted with 120 units and will have 18 units reserved for households transitioning from the city’s homeless shelters into permanent housing.
Additionally, 60 percent of the units will be held for households at 60 percent below the area median income and the remaining 40 percent will be held for households earning between 80 and 100 percent area median income.
The $1 million pre-development loan was given to TCB by the Leviticus Fund, a nonprofit that supports affordable housing, quality education, health care, nutritious food and economic opportunities to vulnerable communities.
The building will include a landscaped rooftop terrace, a community room, a fitness room, on-site laundry and a parking garage with bicycle storage, the developers said.
“TCB tackles large, complex projects that transform communities,” said Greg Maher, the executive director of the Leviticus Fund. “Our loans – made to TCB at the riskier, front end of their projects – fill a critical gap. We deeply value the opportunity to support their work, which creates stable homes for individuals with significant challenges.”
The most recent loan marks the 10th loan made to TCB for projects in the New York City area. The entire project is expected to cost over $54 million.
“The Far Rockaway community is in critical need of affordable and supportive housing and this 120-unit building will be a welcome addition to the district,” said state Senator James Sanders, Jr. “We welcome the efforts of The Community Builders, as well as the support of the Leviticus Fund.”
The new apartments will be less than a mile from the beach and not far from JFK International Airport.
“TCB is so grateful to continue our strong partnership with the Leviticus Fund in Far Rockaway,” said Jesse Batus, the senior project manager for The Community Builders. “Leviticus Fund’s willingness to make early investments in projects when they are just a vision is unmatched.”
