FY2002 BEDI Funding Announcements - New York

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New York

The City of New York will receive $665,000 of BEDI funds and $3,265,000 in Section 108 loan funds, to assist in the redevelopment of a brownfield site at the former Rheingold brewery in the West Bushwick section of Brooklyn. The new development, Bushwick Gardens, will involve the construction of condominium housing units for ownership by low-income families, with new commercial and retail space on the ground floor of the development. The Bushwick Gardens development is expected to create 40 new units of low-income housing for the community and 18,000 square feet of new retail space to enhance community access to such services as a supermarket. The City will use the BEDI grant to as a loan loss reserve for the Section 108 loan guarantee and for construction of the commercial and retail portion of the development. The Section 108 loan will also be used to finance construction of the new commercial and retail space. The City expects this project to generate an additional $2,112,000 in other public funds. Total project costs are estimated to be $11,900,000.

Yonkers will receive $1 million of BEDI funds and $3 million in Section 108 loan funds to assist in the development of the 4-acre Nepperhan Valley Industrial Center within the Yonkers federal Empowerment Zone. The BEDI funds will be used for acquisition of the parcels needed for the Industrial Center and to finance a portion of the required remediation of the brownfield site. The Section 108 loan will be used by the City to partner with a private developer for the acquisition and construction of commercial and industrial flex-space buildings. The funds will also provide assistance to finance relocation activity, clearance, demolition, site preparation and the construction of site improvements, along with loans to businesses locating to the Center. The project is expected to create 76 new jobs, and total project costs are estimated to be $8.9 million.