Liberty Avenue Apartments, located in a mixed residential and commercial area of East New York, is a joint-venture development with Cypress Hills Local Development Corporation, Inc., a group with longstanding ties to the surrounding community. The site was assembled with a mixture of private and City-owned land. Apartments provide affordable rental housing for working families at 30% and 60% of area median income, and seven units have been set aside for independent living for adults with developmental disabilities, with services provided both on and off-site. The building is designed to achieve Energy Star certification and incorporates many of the high-performance and energy-efficient details used in prior Dunn Development projects.
Managed by Dunn Development Corp.
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This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
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.