Chase provides $12.6M for affordable housing - Chase Community Development Corp - Brief Article

Real Estate Weekly, Feb 19, 1992

The Chase Community Development Corporation (CCDC), a subsidiary of The Chase Manhattan Corporation, has provided a loan of $12.6 million to finance the construction of 156 units of affordable housing in the Brownsville section of Brooklyn.

Since the CCDC was formed in 1989, Chase has directly helped finance the rehabilitation of over 2,000 units of low income housing in New York City and the construction of nearly 2,500 units of new affordable housing.

Mark Willis, president of CCDC said, "this project will increase the availability of decent low cost housing and strengthen the local economy - two underlying missions of the Chase Community Development Corporation."

The project consists of eight three-story apartment buildings which will be built on currently vacant lots located between Howard and Ralph Avenues on St. Johns Place. The buildings will be low-rise townhouse-style structures with ample open space for children's play areas and tenant recreation. There will be two and three bedroom apartments each with a separate entrance.

The New York City Housing Authority (NYCHA) will purchase the buildings from the developer when construction is completed in spring 1993.