NEW YORK CITY — Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing for 19-19 Cornaga Ave., a 92-unit affordable housing project located in the Downtown Far Rockaway Special Purpose District in Queens.
The financing package includes:
- $28.4 million in construction financing from Bank of America;
- $12.9 million from the New York City Department of Housing Preservation and Development through a Supportive Housing Loan Program loan;
- $8.3 million from the New York State Homes and Community Renewal through the Supportive Housing Opportunity Program;
- and $1.8 million from HCR through the Federal Housing Trust Fund.
Additionally, the developers are leveraging roughly $21.4 million in low-income housing tax credit (LIHTC) equity syndicated by Enterprise, $2.3 million in state LIHTC equity and $41,000 in solar tax credit equity. BWE is providing permanent financing through Freddie Mac.
19-19 Cornaga Ave. will offer a mix of studio, one- and two-bedroom units ranging from 331 to 652 square feet. Of the project’s 92 apartments, 60 will be set aside as supportive housing units and 30 will be Federal Housing Trust units.
Planned amenities include a fitness center, lounge, outdoor recreational courtyard with an 800-square-foot playground area, computer room, laundry facility, bike storage and a multi-purpose room for community programs, classes and recreational activities.
The property will also include a social services office, which will be staffed by non-profit service provider Not On My Watch Inc. Additionally, the development will feature a 2,300 square feet of ground floor space to be leased at a discount to organizations who provide educational, medical and professional services to the community.
Construction has begun and is slated for completion in the fourth quarter of 2026. Urban Atelier Group is the general contractor. Paul Castrucci Architects designed the community.