Brisa Builders Development LLC and PMG Affordable have secured a financing package worth $51.7 million to begin construction of 19-19 Cornaga Avenue, a nine-story, 92-unit affordable and supportive housing development located in Far Rockaway, Queens. The project, which is slated for completion by late 2026, marks a significant milestone in addressing the city's affordable housing crisis.

This joint venture brings together Brisa Builders, an M/WBE-certified New York-based firm with a robust pipeline of affordable housing projects, and PMG Affordable, a subsidiary of Property Markets Group, a national real estate developer known for its extensive multifamily projects. Brisa Builders is known for delivering over 1,200 affordable housing units across New York City, solidifying its commitment to supporting the city's most vulnerable populations.

‍Financing and Funding Breakdown

The $51.7 million financing package comprises various public and private sources. Bank of America has provided a $28.4 million construction loan, while the New York City Department of Housing Preservation and Development (HPD) has contributed $12.9 million through its Supportive Housing Loan Program. Additionally, New York State Homes and Community Renewal (HCR) has provided $8.3 million through the Supportive Housing Opportunity Program and $1.8 million from the Federal Housing Trust Fund.

The project will also benefit from Low-Income Housing Tax Credit (LIHTC) equity, including $21.4 million syndicated by Enterprise Community Partners and an additional $2.3 million in State LIHTC equity. Solar tax credit equity of $41,000 further enhances the financial package.

In total, PMG Affordable and Brisa Builders went through multiple rounds of competitive bidding to secure the coveted 9 percent state tax credits, which were awarded in March 2024. Permanent financing will be provided through Freddie Mac by BWE.

Project Details and Housing Type

Located within the Downtown Far Rockaway Special Purpose District, 19-19 Cornaga Avenue will feature a variety of unit types to cater to different needs. The 92 units will include 72 studios, eight one-bedroom apartments, and 12 two-bedroom units, ranging from 331 to 652 square feet. Of these units, 60 will be designated as supportive housing, with 30 units allocated for individuals and families with incomes at or below 30 percent of the Area Median Income (AMI). Another 30 units will serve residents with incomes at or below 50 percent AMI.

Ericka Keller, managing member of Brisa Builders, expressed the critical need for affordable housing: “There is a housing crisis in New York City. Moving individuals and families from the shelter system is a mandate for every affordable housing project in New York City. Young people aging out of foster care are just one example of a group in dire need of affordable housing options. This project will provide the necessary support for their transition to independent living.”

Amenities and Services for Residents

In addition to providing affordable housing, the project includes a range of community-oriented amenities and services. A 2,300-square-foot ground-floor space will be leased at a discount to organizations that provide educational, medical, or professional services to the local community. NOMW, the project's nonprofit social service provider, will collaborate with local organizations to support residents, including assisting young people transitioning from foster care into independent apartments.

Other amenities include a fitness center, lounge, a multi-purpose room for community programs, an outdoor recreational courtyard with a playground, a computer room, a laundry facility, and indoor bike storage. Additionally, a NOMW-staffed social services office will be located within the building to assist residents with their specific needs.

Sustainability and Design

The design of 19-19 Cornaga Avenue prioritizes sustainability and energy efficiency. Designed by Paul Castrucci Architects, a firm known for its commitment to Passive House standards, the building will feature a high-performance envelope, all-electric mechanical, electrical, and plumbing systems, energy recovery ventilation, and a rooftop solar array. Each apartment will be equipped with EnergyStar appliances and high-efficiency LED lighting, with the use of environmentally friendly materials throughout the building.

The project's focus on sustainability ensures that it aligns with New York City's long-term goals of reducing carbon emissions and promoting energy efficiency in its housing stock.

Community Impact and Future Outlook

Once completed, 19-19 Cornaga Avenue will provide much-needed affordable and supportive housing for vulnerable populations in Far Rockaway, Queens. The project aims to support the broader goals of providing safe and affordable homes for individuals and families who would otherwise struggle to find housing in the competitive New York City market. With its combination of affordable rent, supportive services, and sustainable design, the project is poised to make a significant contribution to the local community and help ease the housing crisis in the city.

Closing Thoughts

The collaboration between Brisa Builders and PMG Affordable represents a step forward in addressing the affordable housing shortage in New York City. With a strong financial foundation and a commitment to serving vulnerable populations, 19-19 Cornaga Avenue is set to become a valuable asset to the Far Rockaway community. This project exemplifies how the private sector can partner with public resources to create affordable, supportive housing that meets the needs of those most in need.

Originally reported by Gali Kalinoski in Multi Housing News.