Affordable, Permanent Housing Residence Opens on Kosciuszko St

The D'Addario Residence, a $12.6 million development, located at 275 Koscisuzko Street (between Tompkins and Throop) that provides permanent affordable housing for formerly incarcerated individuals and their families and low-income community residents, celebrated its grand opening with a ribbon-cutting ceremony today.

The NYC Department of Housing Preservation and Development joined Providence House, Inc., Alembic Community Development, Bedford-Stuyvesant residents and homeless service providers for the special unveiling of the residence under the auspices of Mayor Michael Bloomberg's New Housing Marketplace Plan.

The NHMP is an initiative to open 165,000 units of affordable housing for half a million New Yorkers by 2015. For every dollar invested by the City, NHMP has leveraged $3.43 in private funding, amounting to $21 billion to fund the creation or preservation of more than 147,500 units citywide. More than 35,900 units have been financed in Brooklyn, with 4,069 of those units in Bed-Stuy's Community Board 3.

The D’Addario Residence was developed with financing from Capital One, HPD and the Brooklyn Borough President’s Office. 

“Investing in affordable housing is about much more than financing new construction. It’s about expanding economic opportunities for individuals, families and communities,” said Fabian Ramirez, senior vice president, Community Development Banking, Capital One Bank. 

"This is a wonderful day for us, as we celebrate the opening of the D'Addario Residence, our first permanent housing development," said Sister Janet Kinney, executive director of Providence House. "We look forward to working with our tenants and help them transition successfully and become fully participatory members in the local community."