City To Build 11 Homes In Bed-Stuy Aimed At New Homeowners

BED-STUY, BROOKLYN — Eleven new buildings aimed at new homeowners are on their way to Bed-Stuy, the city announced.

The city broke ground this week on a project known as "Bed-Stuy North & Central Phase I," which will bring 11 homes with 31 residential units through a program aimed at helping New Yorkers secure affordable homeownership opportunities by financing new housing.

When completed, the new homes will be affordable to families earning between 80 and 130 percent of the area median income.

“By creating more affordable homeownership opportunities for New Yorkers we are helping families build wealth to pass to future generations and giving communities a greater stake in their neighborhoods,” said Louise Carroll, commissioner of the city's Department of Housing Preservation and Development.

“In addition to 20 affordable homes for rent, this new development will give 11 families the opportunity to buy a home and live the American dream, which otherwise might remain out of reach."

The 11 Bed-Stuy homes will be built on lots scattered throughout the neighborhood, including on Hunterfly Place, Malcolm X Boulevard, Bainbridge, Chauncey, Hancock and Jefferson streets and Vernon, Willoughby, Rochester, Myrtle and Buffalo avenues, according to the city.

Nine of the buildings will be three-family homes and two will be two-family buildings, officials said.

The project is the fourth under the homeownership program, known as Open Door, which launched in 2018.

It will be funded by $8 million from the city's Community Preservation Corporation, $5.9 million from HPD and $910,000 from the state's Affordable Housing Corporation.

When the buildings are completed, developer SRBuild will sell the ownership units to households who agree to owner-occupy their units for a regulatory period, according to the program. When the owner eventually sells the home, they will be required to do so to households making the project's income tax.

To learn more about the program click here.