$217 Million Secured for Massive East New York Affordable Housing Development To Start July 2021

Posted By NYC Newswire

According to YIMBY, non-profit developer Phipps Houses has secured $217 million to finance phase one of ‘Atlantic Chestnut‘, the affordable housing development coming to East New York in 2023. The development is slated to bring 1,200 “affordable” housing units to the community. The first phase of the development will be located 205 Euclid St and will include over 400 affordable apartments. 15% of the units will be for formerly homeless. As of this time there is no information on the actual rent that will be asked for these units.

This project is part of the controversial re-zoning of East New York. Construction for phase one is set to begin in July 2021 with a completion some time in 2023.  Please note that there are no details yet available for the application process for this develipment, but there will be updates on EastNewYork.com as the information becomes available.  For updates on this East New York develoipment, as well as other developments, application information, political news, ENY events calendar and more Subscribe to East New York News.

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