BROOKLYN, N.Y.-- Affordable condominiums are planned for Atlantic Avenue in Ocean Hill-Brownsville, Brooklyn by Habitat for Humanity.
Every dollar invested by Habitat-NYC in its Atlantic Avenue complex
will generate approximately $3 in economic activity to New York City, HR&A Advisors, Inc. reported in a July 2008 economic and fiscal impact study.
HR&A, a real estate and economic development consulting firm, examined the Habitat-NYC's Ocean Hill-Brownsville project comprising 41 units of affordable condos.
Habitat-NYC's Atlantic Avenue complex, the largest multifamily project ever built by a Habitat affiliate, will meet stringent LEED green-building standards, providing healthy, sustainable and energy-efficient homes.
Habitat-NYC's homeowners must be first-time homebuyers earning between 45% to 80% of the federal Area Median Income; living in overcrowded, substandard housing or paying more than half their income on housing; and willing to contribute 300 "sweat-equity" hours per adult to help build their homes.
About 10,000 volunteers will help construct these homes, spending money in the community and helping revitalize it. Habitat-NYC will buy many supplies from local businesses; construction workers, future homeowners and volunteers will buy lunches in the area. Together, this will channel nearly $2 million directly to Ocean Hill-Brownsville during the two-year construction period.
Habitat for Humanity-NYC
www.habitatnyc.org
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