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

Posted On Tue, January 4, 2022 By

Posted On Tue, January 4, 2022 By In affordable housing, Bed Stuy, New Developments

Rendering courtesy of Leong Leong

The city’s Department of Housing Preservation and Development last week announced their plan for the construction of a 100 percent affordable homeownership development in Bed-Stuy as part of the Bedford-Stuyvesant Housing Plan. HPD, along with Almat Urban and the Bedford-Stuyvesant Restoration Corporation, will work to develop the Norma, an 11-story mixed-use development that will bring 44 homeownership opportunities to first-time home buyers. Located on Fulton Street and Howard Avenue, The Norma will offer a mix of condo-style units ranging from one to three bedrooms designated for those with low to moderate household incomes.

Rendering courtesy of the NYC Department of Housing Preservation and Development

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

The proposed development ensures that a minority, women-owned business, or non-profit firm holds a 25% ownership stake in the property, meeting the Equitable Ownership requirement.

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

“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’s first floor will have space for an urgent care center operated by the Brownsville Multi-Service Wellness and Health Center, offering services for adult medicine, pediatrics, physical therapy, OB/GYN, mental health, and dentistry.

The building will also feature a community terrace. Amenities in the condo units include storage spaces, hookups for a washer/dryer, Juliette balconies, and free internet access. The property is being designed to meet Passive House certification standards upon completion through its efficient 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,” Almat Urban Principal Donald Matheson said. “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.”

The Norma is one of two developments laid out in the plan, the other also being located on Fulton Street on the southwest corner of Saratoga Avenue. The Norma, as well as the Fulton Street location, are both located within a block of the Avenue C subway station as well as a USPS Postal Office, grocery stores, pharmacies, and community resources like the Eagle Academy for Young Men II and the CAMBA Multi-Service Center.

RELATED:

Tags : , , ,

Neighborhoods : Bed-Stuy

MOST RECENT ARTICLES

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.