Jamaican Financial Institution Launches Affordable Housing in NYC

News Summary

A Jamaican financial institution is making strides in New York City by developing affordable housing in collaboration with local organizations. This initiative responds to rising rent prices and aligns with the new City of Yes policy aimed at modernizing zoning laws. The ambitious project, named The Tabernacle, will provide 255 housing units alongside a worship space, showcasing a model of community resilience and collaboration in addressing the affordable housing crisis.

New York – A Jamaican financial institution is launching a significant venture into the New York City market, focusing on affordable housing development in collaboration with local organizations. This initiative is a response to the growing demand for affordable living spaces as rent prices continue to rise in various neighborhoods across the city.

Under the new City of Yes policy, introduced to facilitate faith-based organizations’ involvement in housing development, zoning laws will be modernized to streamline approval processes and maximize housing potential throughout the five boroughs of New York City. This policy also incorporates the Universal Affordability Preference policy, designed to increase density specifically for affordable housing production, which is paramount given the mounting rent pressures affecting residents.

The First Reformed Church, located in Jamaica, Queens, has faced difficulties in maintaining its membership due to challenges including previous housing development setbacks. The church’s former building was demolished, impacting its ability to serve the community. In a strategic turn, Haussmann Development, a multi-family developer, has now taken over the project, shifting it towards a model that prioritizes 100% affordable housing.

The ambitious project, titled The Tabernacle, symbolizes community renewal and resilience following past hardships. Haussmann Development is not only spearheading the construction of the affordable housing units but is also extending support to the First Reformed Church by providing a temporary worship space at a nearby Seventh Day Adventist Church during the building phase.

Upon its completion, The Tabernacle is set to house a new 14,000 square foot worship space along with a total of 255 housing units, 51 of which will be dedicated to affordability. Estimates indicate that the rental rates for one-bedroom units will be around $1,369 per month, while two-bedroom units will be priced at approximately $1,642 per month. This increased unit count is essential for the First Reformed Church to meet their lease obligations, as they rely on rent payments for their financial viability.

This innovative approach to affordable housing involves active collaboration among community partners, government authorities, and developers, which is considered crucial for the success of such initiatives. Furthermore, the exploration of real estate development as a viable path for financial sustainability among other faith-based organizations is being encouraged.

As discussions continue about a proposed Faith-Based Affordable Housing Act, it is anticipated that this legislation could significantly improve the prospects for faith-based institutions engaging in housing development efforts. Overall, such measures are vital for combating the affordable housing crisis and supporting organizations that serve their communities.

In summary, the entry of the Jamaican financial institution into New York City, coupled with the support of the City of Yes policy and collaborative partnerships, marks an important step towards enhancing the availability of affordable housing and revitalizing community spaces throughout the city.

Deeper Dive: News & Info About This Topic

• New York Daily News: City of Yes Helped Our Church Project
• Wikipedia: Affordable Housing
• TD Bank: Loan for Affordable Housing
• Google Search: Affordable Housing Initiatives New York
• Reuters: Jamaica Digital Currency Roll-Out
• Google Scholar: Affordable Housing New York
• Business Insider: Black-Owned Banks and Credit Unions
• Encyclopedia Britannica: Housing