This post was contributed by a community member. The views expressed here are the author's own.

Business & Tech

$10M in Funding Promised for The Bradford, Care of Carver Bank

The Bradford is an entirely affordable housing building scheduled to be completed this summer.

The Carver Community Development Corporation, a subsidiary of Carver Bank, will pitch in $10.5 million in funding for The Bradford, a new 96-unit affordable housing building with retail space, says the Brooklyn Eagle.

The Bradford is being constructed on formerly city-owned property, and the Eagle says it will be the first new affordable housing building that’s been constructed in the past 15 years.

“These projects, on long underdeveloped and/or dilapidated sites, bring not only a new look, but new jobs, affordable housing and community-serving commercial tenants to these lower-income, working-class neighborhoods,” CCDC’s Blondel Pinnock, president and CRA (Community Reinvestment Act) officer, told the paper.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

According to the Network Journal, The Bradford held its groundbreaking ceremony in October 2010, where the Bedford-Stuyvesant Restoration Corporation promised that the approximately 9,700 square-feet of the ground floor will be reserved for small businesses, preferably run by community members.

According to the article, in an effort to truly make the units affordable, the developers are taking into consideration the neighborhood’s Area Median Income in setting rent prices, not the citywide AMI.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

The Bradford will be located at 1560 Fulton Street, also known as 43 Albany Avenue, and is scheduled to be completed this summer.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?