PHASE ONE COMPLETE FOR AFFORDABLE HOUSING COMMUNITY

NEW YORK CITY — Construction is complete for the $63.5 million first phase of Nehemiah Spring Creek Homes, located in East New York City. Community Preservation Corp. provided a loan of approximately $30 million and two churches provided a $1.25 million revolving loan. The City of New York also provided $33 million to fund the infrastructure and site preparation. Phase I consisted of 184 affordable housing units that include 69 single-family homes, 29 two-family homes and 19 three-family homes. The 227-acre site is part of Gateway Estates, which will provide 2,219 homes, an expansion of the Gateway Plaza retail center, a public school and four parks upon full build-out. Of the 184 units complete for Nehemiah Spring Creek, 88 homeowners have closed on the purchase of their homes.