FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 18, 2021 • THE QUEENS COURIER 11
Developers score $1M loan for Far Rockaway aff ordable housing project
BY JACOB KAYE
jkaye@schnepsmedia.com
@QNS
The Community Builders
(TCB), a nonprofi t real estate
fi rm, announced the securing
of a $1 million loan that will go
toward supporting the cost of a
eight-story apartment building
near downtown Far Rockaway.
Th e building, located at Ocean
Crest Boulevard and Bay 32nd
Street, will be outfi tted with
120 units and will have 18 units
reserved for households transitioning
from the city’s homeless
shelters into permanent housing.
Additionally, 60 percent of the
units will be held for households
at 60 percent below the area
median income and the remaining
40 percent will be held for
households earning between 80
and 100 percent area median
income.
Th e $1 million pre-development
loan was given to TCB by
the Leviticus Fund, a nonprofit
that supports aff ordable housing,
quality education, health
care, nutritious food and economic
opportunities to vulnerable
communities.
Th e building will include a
landscaped rooftop terrace,
a community room, a fi tness
room, on-site laundry and a
parking garage with bicycle storage,
the developers said.
“TCB tackles large, complex
projects that transform communities,”
said Greg Maher,
the executive director of the
Leviticus Fund. “Our loans
– made to TCB at the riskier,
front end of their projects
– fi ll a critical gap. We deeply
value the opportunity to support
their work, which creates stable
homes for individuals with signifi
cant challenges.”
Th e most recent loan marks
the 10th loan made to TCB for
projects in the New York City
area. Th e entire project is expected
to cost over $54 million.
“Th e Far Rockaway community
is in critical need of aff ordable
and supportive housing and this
120-unit building will be a welcome
addition to the district,”
said state Senator James Sanders,
Jr. “We welcome the eff orts of
The Community Builders,
as well as the support of the
Leviticus Fund.”
The new apartments will
be less than a mile from the
beach and not far from JFK
International Airport.
“TCB is so grateful to continue
our strong partnership with the
Leviticus Fund in Far Rockaway,”
said Jesse Batus, the senior project
manager for Th e Community
Builders. “Leviticus Fund’s willingness
to make early investments
in projects when they are
just a vision is unmatched.”
Courtesy of Leviticus Fund
TCB scored a $1 million pre-development loan from Leviticus Fund for a new aff ordable housing building in Far Rockaway.
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