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Development Venture Lands Nearly $98M in Financing for Brooklyn Affordable Housing Project

The initiative named BEC Continuum Resyndication involves 550 rental housing units located in 13 commercial properties concentrated Bedford Stuyvesant and Crown Heights.

By John Jordan | johnjordan | Updated on July 10, 2017

981 Park Place is one of the Brooklyn properties part of Hudson Cos.' affordable housing preservation partnership with BEC New Communities. Credit: Hudson Cos. 981 Park Place is one of the Brooklyn properties part of Hudson Cos.’ affordable housing preservation partnership with BEC New Communities. Credit: Hudson Cos.

NEW YORK CITY—The Hudson Cos. and partner BEC New Communities of Brooklyn have secured approximately $97.5 million in financing and tax credits for the second phase of an affordable housing preservation project in Bedford Stuyvesant and Crown Heights in Brooklyn.

The initiative named BEC Continuum Resyndication involves 550 rental housing units located in 13 commercial properties concentrated in Bedford Stuyvesant and Crown Heights. The rehabilitated units will be preserved as affordable housing for families earning 60% of area media income. The developers note that a portion of the units will be set aside for formerly homeless households. Construction is set to begin this summer and is scheduled to be completed in the fall of 2019.

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