In December 2023, CAMBA Housing Ventures, a New York City-based affordable and supportive housing developer, broke ground on a 328-unit affordable housing development in Prospect Lefferts Gardens in Brooklyn. The development includes 29,000 square feet of community facility space to host programming focused on economic development, including workforce training and childcare. The project was made possible by financing from the Urban Investment Group (UIG) within Goldman Sachs Asset Management, CAMBA, CREA, the Federal Home Loan Bank of New York, the New York State Division of Housing and Community Renewal, and the New York State Office of Temporary and Disability Assistance.
In early 2023, UIG committed $219.5 million as part of Goldman Sachs’ One Million Black Women (OMBW) initiative to finance the project, which will set aside half of its units to house formerly homeless populations, and with all units affordable to households earning between 30% and 70% area median income. The project is also part of New York State’s Vital Brooklyn Initiative, a statewide program that aims to provide a holistic approach to community development for underserved communities in central Brooklyn, and will also align with the housing and digital connectivity pillars of OMBW. Service subsidies are being provided through the Empire State Supportive Housing Initiative that will help fund the project’s supportive housing services, including education and youth development, economic development and workforce training, adult education and financial literacy, family counseling and support services.
The project will be developed by CAMBA Housing Ventures (CHV), a Brooklyn-based non-profit affordable housing developer and affiliate of CAMBA. CAMBA was founded in 1977 in Brooklyn as an organization dedicated to neighborhood services and improvement and has since grown to address the City’s housing crisis. CHV’s current housing portfolio consists of 40 buildings in all 5 boroughs, reaching over 12,000 people.
Source: goldmansachs.com
