Catholic Charities Monsignor Anthony J. Barretta Apartments opened its doors to provide 64 units of affordable housing in the Ocean Hill section of Brooklyn.
Located on the site of the former school, rectory, and convent of Our Lady of Loreto Church, the $18 million project is developed by Catholic Charities of Brooklyn and Queens and CPC Resources, the development subsidiary of The Community Preservation Corp. (CPC), a nonprofit mortgage lender.
The project is comprised of eight separate four-story buildings. Monthly rents will range from $494 to $860 with eight units receiving project-based Sec. 8 subsidies.
Utilizing CPC Resources “infill housing prototype” design, the apartments have transformed underutilized, scattered sites into new housing. Conceived by RKT&B, the housing prototype is inspired by the city’s brownstone walk-ups and applies new energy-efficient techniques.
CPC and the New York City Department of Housing Preservation and Development (HPD) provided an $11 million construction loan, and Richman Housing Resources syndicated the limited partner interests, including federal and state housing tax credits, to JPMorgan Chase to make a $12.4 million equity investment in the project. Additional permanent sources of financing include a $1.6 million loan from the New York State Housing Trust Fund and a $3.8 million HPD loan.
