Baptist Church of the Redeemer has joined with MHANY Management Inc. (“MHANY”) to demolish existing church structure and undertake the development of a new church facility and 76 unit affordable residential apartments. MHANY will own the residential portion of the project through a condominium organizational structure and MHANY will manage the senior and family affordable units. MHANY directs all aspects of project management throughout pre-development, development, marketing, lease-up and is the designated property manager once the property is occupied. Baptist Church of the Redeemer will own the Church facility upon construction completion. Turning Point Brooklyn (TPBK) and Brooklyn Bureau of Community Services (BCS) will provide comprehensive services to the individuals and families at 1921 Cortelyou. In particular, TPBK will focus its experience and wide array of programs and support to the 46 formerly homeless young women between the ages of 18-25.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.