12020 Flatlands Ave

Gotham Organization, Monadnock Development, and Christian Cultural Center secured a $270 million loan for their East New York affordable housing project at 12020 Flatlands Avenue. The financing includes $170 million from the New York State Housing Finance Agency, $47.1 million from the NYC Department of Housing Preservation and Development, and $143 million from Goldman Sachs’ Urban Investment Group. The 386-unit building will be entirely affordable, with rents reserved for those earning 80% or less of the area median income. It’s part of the larger Innovative Urban Village, aiming for 1,975 affordable units and community amenities, expected to take a decade to complete.