FAC Renaissance LP entails the moderate rehabilitation of 3 buildings and the gut renovation of 5 buildings in Gowanus and Park Slope with a total of 64 apartments and 810 square feet of commercial space. TD Bank provided both the construction loan and a low-income housing tax credit (LIHTC) equity investment, and the New York City Department of Housing Preservation and Development (NYC HPD) provided a 9% LIHTC allocation and a subordinate reduced interest loan. The Community Preservation Corporation and Freddie MAC provided the permanent financing. Renovations for 7 of the 8 buildings were completed in 2018 and 2019, with one building that had severe structural damage previous to renovation, scheduled to be completed in late 2021.
The properties were previously under the ownership of 4 housing development fund corporations (HDFCs) affiliated with FAC. The renovations are addressing a number of modernization and energy efficiency needs in the buildings and will allow longtime residents to remain in their homes. The energy and building efficiencies created by the renovations will enable FAC to keep the average rent affordable to very low income households – households earning less than 50% AMI.