Our Urban Investment Group (UIG) is the sole private investor in the Bradford, a mixed-use development in the Bedford-Stuyvesant section of Brooklyn which includes 105 apartments for low- and middle-income families as well as more than 9,700 square feet of retail space.
UIG is partnering with the Bedford-Stuyvesant Restoration Corporation, the nation’s oldest community development corporation, and BRP Development Corporation, a minority-owned development firm.
We worked closely with the NYC Housing Development Corporation (HDC), the largest housing bond issuer in the country, and the NYC Department of Housing Preservation and Development (HPD), the largest municipal developer of affordable housing in the country, to create an innovative structure which allowed HDC financing to be used in conjunction with New Markets Tax Credits (NMTC) for the first time. Our investment allowed the project to move forward despite the difficult real estate financing environment and diminished government resources.
The project was also made possible by the New Markets Tax Credit program, created by Congress in 2000 to spur investment of private sector capital in distressed communities. It relies on community development entities to allocate NMTC capital to deserving businesses and projects. For the Bradford, this service was provided by Waveland Community Development and Carver Federal Savings Bank, two organizations with long histories of investing in underserved communities.
To learn more, read our press release announcing the partnership.