NYCEEC provided a $4,774,000 predevelopment loan to The Doe Fund, Inc. (TDF) to support the construction of a 100% affordable housing development in the Bushwick neighborhood of Brooklyn, New York. TDF is a New York City-based nonprofit dedicated to breaking cycles of homelessness by providing permanent and affordable housing, transitional work training, and supportive services to people with histories of poverty, incarceration, homelessness, and substance abuse.

NYCEEC’s loan will cover early-stage predevelopment costs for a 378-unit all-electric affordable housing building, designed to meet Passive House standards. The project will be co-sponsored by TDF and Coconut Properties, a real estate developer focused on 100% affordable, transformational housing in New York City. NYCEEC sold a participation interest in 40% of the loan to Upper Manhattan Empowerment Zone Development Corporation (UMEZ), a Community Development Financial Institution with a successful 30-year track record of inclusive community investment across NYC.

The building will be 100% affordable, with 25% of the units set aside for formerly homeless individuals who are a part of the NY 15/15 program and the remaining units reserved for households earning between 30% and 80% of Area Median Income (AMI). In addition to community amenities, TDF expects to provide on-site support services and 24/7 security.