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Affordable housing hits a high note.

New York City Department of Housing Preservation and Development (HPD) and The Community Preservation Corporation (CPC) last week joined Bridge Street Development Corporation and partners to celebrate the opening of Noel Pointer Apartments.

The 23-unit new affordable housing development in the Bedford-Stuyvesant neighborhood in Brooklyn was named after the lauded jazz musician, Noel Pointer.

"In developing new housing opportunities and building for the future, it is important to pay homage to a community's past," said HPD Commissioner Mathew M. Wambua.

"Bed-Stuy has an exceptionally rich history and culture. Noel Pointer was representative of the genius that is a hallmark of the best that this famous neighborhood can call its own.

"It is entirely fitting that he be honored and remembered by naming of this new affordable housing in his honor."

Noel Pointer Apartments wasw constructed at 790 Lafayette Avenue on a combination of private and formerly city-owned land.

The 3-story development totals 24,039 s/f and 14 units are reserved for families earning no more than 50 percent of the Area Median Income (AMI), or $40,900 for a family of four.

The total development cost is $9.3 million, which was raised through the HPD, the Local Initiatives Support Corporation and the Community Preservation Corporation (CPC) along with other agencies and tax creditors.

Wavecrest Management is the Managing Agent. PM Architecture served as architect.

Bridge Street Development Corporation (BSDC) was founded in 1995 by members of the oldest continuing African-American congregation in Brooklyn, the Bridge Street AWME Church. It is a faith-based, 501(c)(3) not-for-profit organization the mission of which is to build partnerships with businesses, government, and other community stakeholders to provide civic and economic opportunities to the residents of Brooklyn.

BSDC's vision is to preserve Bedford-Stuyvesant as a desirable neighborhood for raising families and owning businesses.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Mar 13, 2013
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