NYC HPD, CB-Emmanuel Realty, LLC, Community Services Housing Development Corp., and Enterprise Community Partners, Inc. Preserve Affordability for 33 Buildings in Brooklyn.

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$9.5 million in financing will improve energy efficiency, maintain affordability for 30 years

New York, NY – February 9, 2016 – The NYC Department of Housing Preservation and Development (HPD), CB-Emmanuel Realty, LLC (CB-Emmanuel), Community Services Housing Development Corporation (CSHDC), and Enterprise Community Partners, Inc. (Enterprise) closed $9.5 million in construction and permanent financing for the rehabilitation and preservation of 33 buildings in the Bedford-Stuyvesant and Brownsville sections of Brooklyn.

A total of 359 units will be renovated to be energy efficient, ensuring their viability and affordability for the next 30 years in two rapidly gentrifying Brooklyn neighborhoods. According to NYU’s Furman Center, median rent in Bed-Stuy and Brownsville has increased by 17% and 22% respectively during the periods 2005-2007 to 2011-2013. The renovated apartments are available to a range of incomes from very low-income to middle-income households. Of the 359 units, 50 units will be rented to households earning up to 50 percent of the Area Median Income (AMI), who will be expected to pay  no more than $911 for a two-bedroom apartment, 259 units will be rented to households earning up to 60% AMI, who will be expected to pay no more than $1,105 for a two-bedroom apartment and 50 units will be rented to households earning up to 165% AMI, who will be expected to pay no more than $3,145 for a two-bedroom apartment. Of the above described apartments, 36 apartments will be set aside for homeless referrals. All units will be subject to rent stabilization guidelines.

“It is becoming more and more difficult for New York City residents to find and secure safe, affordable homes.  It is our mission to do all that we can to mitigate this problem.  Rehabilitating and extending the affordability of homes in fast-changing neighborhoods is exactly the type of work we need to see done across New York City,” said HPD Commissioner Vicki Been. “I would like to thank CB-Emmanuel Realty, LLC, CSH, and Enterprise for their investment in the Bedford-Stuyvesant and Brownsville communities. Thanks to this financing, 359 households will be assured that their homes will remain affordable to their families for years to come.”

“This was a challenging portfolio to close, but it makes having closed that much more gratifying.  We are looking forward to renovating these properties and feel privileged to have played a small part in Mayor De Blasio’s housing plan to build and preserve affordable housing,” noted Richard Christopher Bramwell, Jr., Principal of CB-Emmanuel.

Renovations will include roof replacements, masonry improvements, as well as new boilers and hot water heaters, which will preserve the longevity of the buildings as well as increase their energy efficiency. The owner will also leverage New York State Weatherization Assistance Program funds and a Con Edison grant for common area and exterior energy efficiency lighting renovations.  All renovations will be completed with tenants in place.

“CSHDC is pleased through this transaction to partner with CB-Emmanuel and Shinda Management Corp. and with the support of Enterprise to ensure the viability and continued availability of 359 affordable housing units of its tax credit developed properties for decades into the future. We have successfully worked with Shinda in the past and look forward to a collaboration that will effectively work towards the continued improvement of the living conditions for the residents of our community,” said Albion Liburd of CSHDC.

“New York City is facing a serious affordability crisis, and in neighborhoods like Brownsville and Bed-Stuy that are rapidly gentrifying, preserving affordability for long-time residents is important for maintaining the unique characteristics of the neighborhood and ensuring that residents are not pushed out,” said Judi Kende, Vice President and New York Market Leader, Enterprise. “This project will help keep 359 families in their homes and in the neighborhoods that they love for decades to come.”

Enterprise is providing CB-Emmanuel and CSHDC with $7.3 million in construction and permanent financing and HPD is providing $2.2 million through the HPD Low Income Housing Tax Credit Preservation Program. Enterprise Community Loan Fund, Inc., a subsidiary of Enterprise, will provide the construction loan and Bellwether Enterprise Real Estate Capital LLC, another subsidiary, will provide permanent financing with the New York City Retirement System (NYCRS). The permanent loan is insured through the State of New York Mortgage Agency. The project is Enterprise’s first with Bellwether Enterprise as the approved permanent lender agent for NYCERS. CB-Emmanuel acquired the portfolio for approximately $28 million December 2015, and the total project, including renovations, is over $40 million.

About Enterprise Community Partners, Inc.

Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 340,000 homes, invested $18.6 billion and touched millions of lives. Join us at or

About CB-Emmanuel Realty LLC

CB-Emmanuel Realty LLC (CB-Emmanuel), a Queens-based property management and development firm, serves as an agent for positive change in the transformation of New York City communities. CB-Emmanuel offers the full scope and range of professional services needed to begin the process of revitalizing urban communities by offering the tools and resources needed to achieve tangible impact in social and economic development.

About Community Services Housing Development Corporation

The Community Services Housing Development Corporation (CSHDC) has more than 35 years of experience as the primary provider of housing and related services in its overwhelmingly low-income, African American and Latino community of Brooklyn. It has deep roots in this community through its long history of work and service, and through the ties and activities of its staff and its community-based Board of Directors. CSHDC has a solid record of accomplishments in tenant organizing, education, and counseling; renovating and managing low-income housing; and helping low-income people own and operate cooperative and mutual housing. CSHDC continues to work towards meeting the needs of its community. Today, CSHDC operates a food pantry and counsels community residents daily, assisting them with various entitlement program applications, SCRIE, Section 8, NYCHA, HEAP, and apartment applications. In addition to CSHDC’s advocacy work, it also provides housing assistance; referrals to free legal services, information on eviction notices, resolving essential service complaints, working through HPD’s Office of Code Enforcement, and the NYS Division of Housing, Community Renewal.