FAC is constructing a 50-unit affordable housing project with a modern and expanded public library space in Brooklyn’s Sunset Park neighborhood. Total development costs are $37.4 million. The Bank of New York Mellon is providing construction financing, as well as LIHTC equity through the National Equity Fund (NEF). NYC HPD and the New York State Division of Homes and Community Renewal (NYS HCR) are also providing reduced rate financing. All of the units are for low- and extremely low income residents, earning between 30% and 80% of AMI. Eight of the units will have a Section 8 subsidy. Galaxy Contracting is constructing the building, and Magnusson Architecture and Planning (MAP) is serving as architect, with additional design work focused on the public library portion provided by Mitchell Giurgola. Energy costs will be reduced through the installation of solar panels on the building’s rooftop.
This project is part of a groundbreaking partnership between FAC and the Brooklyn Public Library, along with the State and the City of New York, that has established a new development model under which the creation of affordable housing is being paired with new and expanded 21st Century public library facilities. The Sunset Park location is one of the most heavily used public library branches in New York City, a treasure to many members of the Sunset Park community and beyond. The previous library building had outlived its useful life and was torn down to construct a new 8-story building with 50 affordable rental apartments above a new 20,000 square foot library branch – nearly doubling the size of the previous branch – at its base.