Affordable Housing Development
FAC has built or renovated over 1,300 units of affordable rental and homeownership housing in New York City for low-, moderate-, and middle-income residents. Together with our community facility and commercial development, FAC’s completed projects represent a total investment of more than $365 million into the communities that we serve. FAC currently has nearly1,700 additional units of housing either under construction or in the development pipeline for the upcoming years, representing a further investment of more than $750 million to help provide housing for low- and moderate-income New Yorkers.
FAC typically provides property management services for buildings that we have built or renovated. We currently manage more than 600 units, in some instances providing or facilitating support services as well. FAC has also developed affordable homeownership opportunities for hundreds of families over the years and provides management services for a number of these affordable and limited-equity cooperatives.
Affordable housing vacancies are filled via housing lotteries for apartments at Fifth Avenue Committee’s buildings or in partners’ buildings and are posted on New York City Department of Housing Preservation and Development’s (HPD) Housing Connect 2.0 website.
For more information and to apply for affordable housing lotteries, create a free profile at NYC Housing Connect 2.0. To access information explaining NYC Housing Connect 2.0 click click here.
FAC currently has one new construction project totaling 83 affordable apartments that recently completed construction and is currently in the lease-up stage. FAC has several new construction and rehabilitation projects in the pipeline that will close and begin construction starting in late 2023. This will help ensure that affordable housing options continue to be made available to low- and moderate-income residents in the neighborhoods that we serve in Southwest Brooklyn and beyond.
Read more about FAC’s recently completed projects and new developments in our pipeline.
Quality, Affordable Housing is Vital for the Advancement of Economic, Social and Racial Justice
New York City’s lack of affordable housing causes and exacerbates a host of economic, social and racial disparities, dynamics that stem in part from the city’s legacy of housing discrimination and segregation and history of redlining and urban renewal. According to Where We Live, NYC, 44% of New Yorkers are rent burdened (with more than 30% of their income going to rent), and 25% are severely rent burdened (with 50% or more of their income going to rent). The vast majority of these rent burdened households are poor (low and very low income) people of color and immigrants.
Asset and Property Management at FAC
In response to these complex and long-standing issues, the preservation and expansion of quality affordable housing that is deeply and permanently affordable is a vital part of FAC’s mission and vision to advance economic and social justice by building vibrant, diverse communities. Affordable housing encourages and helps maintain economic and racial diversity, especially in communities facing gentrification and helps families to live stably.
FAC owns 47 buildings and more than 740 units in South and Central Brooklyn. FAC manages more than 620 units that are home to very low-, low- and moderate-income individuals and families, and manages more than 30 commercial/community facility spaces.
Recognizing the diverse housing needs that exist, 130 units of FAC affordable housing units are supportive housing for tenants with a range of special needs, such as mental illness, mobility impairments, and those recovering from substance abuse. FAC’s properties are located primarily in Brooklyn’s Community Board 6 (Gowanus, Park Slope, Red Hook, Carroll Gardens), Community Board 7 (Sunset Park, Windsor Terrace) and Community Board 8 (Prospect Heights, Crown Heights).
FAC preserves affordable housing in the communities we serve by maintaining our existing (100% affordable) housing stock and through the purchase and renovation/renewal of affordable housing at risk in our communities.
Supportive housing is a vital part of diverse, equitable and integrated communities. FAC builds and maintains housing that is accessible, safe and offers onsite social services and 24-hour front-desk services that meet resident needs, whether it be for seniors, formerly homeless or people who are differently abled.
FAC’s retail and community facility spaces are an important part of ensuring that a diverse range of services and programs are available to the local community. More than 80% of FAC’s retail tenants are small, minority and/or women owned businesses.
Contact TerraCRG at email@example.com if interested in leasing a retail space from FAC.
Current & Forthcoming Affordable Housing Lotteries
Fifth Avenue Committee manages the housing lottery for affordable units in 100% affordable buildings that it owns and acts as an administrative, marketing and leasing agent for affordable apartments in mixed-income developments owned by private developers.
Affordable housing vacancies are filled via housing lotteries for apartments at Fifth Avenue Committee’s buildings or in partner’s buildings and are posted on New York City Department of Housing Preservation and Development’s (HPD) Housing Connect 2.0 website. For more information and to apply for affordable housing lotteries, create a free profile at NYC Housing Connect 2.0. To access information explaining NYC Housing Connect 2.0 Click Here.
Please note that the demand for affordable housing in New York City far exceeds the supply. As a result, vacancies are filled via housing lottery and are overseen by the government. Individuals and families who are homeless and seeking permanent housing must be referred by their shelter provider or relevant government agency.
Check out the current and forthcoming affordable housing lotteries open in FAC’s and our partners’ buildings:
Need an Administrative Agent?
If you are an owner who is seeking an administrative, marketing and leasing agent for affordable housing units within New York City, please contact FAC’s Director of Real Estate at DirofRealEstate@fifthave.org.