Developers and elected officials recently joined for a groundbreaking ceremony at Logan Fountain, a 169-unit mixed-income housing property at 265 Logan Street in Cypress Hills, Brooklyn. Designed by MHG Architects and developed in collaboration by The Hudson Companies, Jericho Project, and HELP USA, the 13-story building is the latest development to break ground as a result of the 2016 East New York Rezoning Initiative and will comprise a mix of affordable and supportive housing units. Construction began in August and is expected to wrap up by the end of 2024.
“Across New York, we are making targeted investments that increase affordable housing opportunities and provide supportive and transitional homes for families that need them most,” said Governor Kathy Hochul. “Housing and economic development go hand-in-hand, and Logan Fountain is a perfect example of how mayor Adams and I are working together to bring new homes, new services, and new business to neighborhoods in every borough.”
The building’s eastern wing will consist of 69 affordable homes for low-income families earning between 50 and 70 percent area median income (AMI) and 105 homes for formerly homeless individuals. The western wing will consist of 169 temporary homes for homeless families served through the New York City Department of Homeless Services.
Along Atlantic Avenue, the ground floor of the building will house approximately 7,677 square feet of retail space.
“Projects like Logan Fountain are critical to revitalizing East New York and communities across the city,” said mayor Eric Adams. “This project will transform a defunct gas station, offering nothing to the community, into much-needed permanently affordable housing, safe beds for our neighbors experiencing homelessness, and community-serving retail space—all with easy access to public transportation. I’m excited to see this important project moving forward and look forward to celebrating with the New Yorkers who will call it home.”
Construction financing for Logan Fountain’s affordable and supportive housing component totaled $117 million. This includes tax-exempt bonds and federal Low Income Housing Tax Credits from New York State Homes and Community Renewal, along with Citi, which provided the construction period letter of credit. Additional funding sources include a subsidy from the New York City Department of Housing Preservation and Development, funding from former council member Rafael Espinal, and tax credit equity with Hudson Housing Capital as syndicator and JPMorgan Chase as an investor.
Citi also provided a $97 million loan for the shelter portion through a contract with the New York City Department of Homeless Services. Citi will manage the construction disbursement and monitoring for the entire project.
“Logan Fountain is a great example of how the city and state continue to work together to house the most vulnerable New Yorkers,” said NYC Department of Housing Preservation and Development commissioner Adolfo Carrión Jr. “This development brings not only 174 permanent affordable and supportive homes for formerly homeless and low-income families, but it also includes 169 beds in a new family shelter.”
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