The Building: 256 Martense Street
3,600 square feet
NYCEEC loan product
256 Martense Street is an affordable rental building in Brooklyn, NY. The owner worked with the NYC Department of Housing Preservation & Development (HPD) to renovate the property to provide an upgraded, modern, and comfortable living environment for the residents. This required substantial predevelopment work which was funded by a NYCEEC predevelopment loan tailored to HPD’s Green Housing Preservation Program (GHPP).
Total project cost
City financing obtained*
Affordable housing units improved
The predevelopment loan funded a Green Physical Needs Assessment which in turn allowed the building owner to receive over $415,000 from HPD as part of their affordable housing programs. With these funds, the building was able to implement energy efficiency measures, including weatherization, new lighting, oil-to-gas conversation, and radiator. Importantly, the predevelopment loan also allowed the building owner to conduct an asbestos mitigation project, creating safer living conditions.
As a condition of the HPD financing, the property owner voluntarily entered into a 30-year regulatory agreement preserving the rents for all 6 units at affordable rates. The building had not received HPD financing prior to the NYCEEC loan.