Spring Creek Gardens
901-903 Drew St.
Brooklyn, NY
Cost: $50,000,000
Completed: Winter 2007 projected
Special Funding/Financing: NYC HDC Tax Exempt Bonds, LIHTC, NYSERDA Grant
Type: Tenant-in-place Moderate Rehabilitation

582 unit affordable housing complex that consists of 193 studios, 98 one-bedrooms, and 291 two-bedrooms plus covered parking areas, community rooms and a playground. The property also includes approximately 10,000sf of street-front retail space. The project was developed through a 30-year regulatory agreement with NYC HDC that will set aside units for households earning no more than 60% of the area median income.