History of Our Housing Development & Preservation Work
Fifth Avenue Committee has built or renovated over 1,000 units of affordable 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 $225 million into the communities that we serve. FAC currently has over 1,900 additional units of housing either currently under construction or to begin construction in the next few years – more than at any single point in the organization’s history.
FAC’s affordable housing development experience began in 1984, when we undertook Park Slope Village. The project entailed the new construction of 55 homes for first-time homebuyers with rental units, providing homes for 165 moderate-income families on what had been previously an urban renewal site that had remained vacant for many years. Most of FAC’s early development efforts focused on the renovation of vacant buildings for first time homebuyer opportunities. We then broadened our focus to include rental housing for low-income residents, the formerly homeless, and tenants with supportive housing needs. FAC also developed 140 units of affordable mixed-income cooperative units at both of Red Hook Homes in Red Hook, and Atlantic Terrace in Fort Greene.
Our Current Projects
FAC’s development work helps to ensure that local residents have affordable rental and homeownership options in their own communities. This helps to counter the steady erosion of affordable housing due to the gentrification that has taken place in many New York City communities, particularly in our primary focus area of Southwest Brooklyn. FAC creates safe, quality homes for people from all walks of life who otherwise risk living in overcrowded, dilapidated apartments, being forced to leave their homes and neighborhood, or becoming homeless. Given the distress gentrification causes of lower-income and minority households, in focusing in those neighborhoods we are following our mission to fight for economic, social and racial justice.
FAC often provides property management services for buildings that we have built or renovated. We currently manage more than 450 units, in some instances providing empowerment support and services in addition to overall property management. FAC has also developed affordable homeownership opportunities for hundreds of families over the years, and provides management services for these affordable and limited-equity cooperatives.
FAC currently has three projects totaling 143 affordable apartments under construction, and we have a number of additional innovative new developments we expect to start construction in the next few years.. 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.
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.
FAC Affordable Housing Projects in Development
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 and manages 44 buildings in South and Central Brooklyn that house 454 very low-, low- and moderate-income families and 29 retail/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).
Preservation
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
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.
Commercial
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 info@terracrg.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.