Governor Kathy Hochul and New York City Mayor Eric Adams announced the completion of Logan Fountain, a new affordable housing development in the Cypress Hills neighborhood of Brooklyn. The $214 million project transformed a vacant parcel into affordable apartments, transitional housing for homeless families, and new retail space. With 343 total units, the new building includes 173 affordable apartments and 169 units of transitional housing, as well as one unit reserved for a superintendent. The development is a city-state project with investments from New York State Homes and Community Renewal (HCR), New York City Department of Social Services (DSS), and New York City Housing Preservation and Development (HPD). Since the Governor has taken office, HCR has financed over 7,600 affordable homes in Brooklyn. Logan Fountain continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.
“It’s simple: the only way to address the housing crisis is to build more housing,” Governor Hochul said. “New Yorkers deserve a safe, stable and affordable home. By working together with Mayor Adams and our partners in New York City, we can address the needs of New Yorkers and create the types of modern and sustainable homes that uplift communities and allow families to grow.”
New York City Mayor Eric Adams said, “Every day, we are working to make New York City more affordable, and our whole-of-government approach is allowing us to partner with Governor Hochul and the state today to deliver over 340 units of affordable and transitional housing. This project will provide exactly the type of long-term stability our families need to help them thrive — providing them access to on-site services, resources, and housing. We are thrilled to open this world-class building with crucial supports and energy efficient designs that will make a lasting impact on hundreds of families, and which will serve as a model for how we can smartly address our decades-long housing crisis.”
Apartments are available to households earning up to 70 percent of the Area Median Income. Of the 173 affordable apartments, there are 105 supportive apartments with onsite social services including case management, career counseling, mental health support, and referrals to healthcare. Logan Fountain was designed to appeal to families of different sizes and has a mix of studios, one-, two-, and three-bedroom apartments. Additionally, the building includes ground-floor retail, play areas, fitness space, and a courtyard.
Logan Fountain will also host 169 units of transitional housing for families. Designed with trauma-informed principles, HELP New Leaf will offer critical support for families including clinical care, employment counseling, and housing placement support.
Logan Fountain’s sustainability measures include rooftop solar panels for on-site energy generation, a Variant Refrigerant Flow heating and cooling system that captures and repurposes heat already in the environment, as well as ENERGY STAR (r) appliances.
The project to redevelop the vacant site into a mixed-use hub for families was identified in the New York City Department of City Planning’s East New York Neighborhood Plan. The project’s developer is Hudson Companies, Jericho Project is providing the onsite support services, and HELP USA is operating the transitional housing within the building.
The 173 affordable and supportive apartments at Logan Fountain are supported by HCR’s Federal Low-Income Housing Tax Credit Program which generated nearly $50 million in equity and $18 million of long-term bond financing from its Housing Finance Agency.
The site is also participating in the New York State Department of Environmental Conservation's successful Brownfield Cleanup Program and will be eligible for approximately $9 million in tax credits to be issued by the New York State Department of Taxation and Finance. Operational funding for the 105 supportive apartments is being provided by the New York City 15/15 Supportive Housing Program. DSS’s 30-year contract facilitates financing for the development and not-for-profit ownership of the 169 units of transitional housing.
Additional support included $24 million from HPD’s Supportive Housing Loan Program, $1 million in discretionary capital funding from the New York City Council, and over $150,000 in incentives from the New York State Energy Research and Development Authority.
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