The Ocean Bay Apartments public housing complex in the Far Rockaways was hard hit by Hurricane Sandy five years ago.
Renovation has been slow; the 24-building complex still relies on temporary boilers. Now it is the first New York City project to to tap private funding through the federal Rental Assistance Demonstration program.
The New York City Housing Authority is upgrading living quality and climate resiliency of the 1,400-unit complex.
The complex will be bolstered against future weather events with a flood wall, independent electricity and boiler services, and water retention swales. It will also include the New York’s third-largest affordable housing solar panel installation.
Catholic Charities’ local chapter is providing community social services. Project financing includes a blend of tax-exempt bonds from the state; Low-Income Housing Tax Credit Equity, syndicated by Richman Housing Resources; and $1.1 million of Investment Tax Credits for solar generation.
Goldman Sachs’ Urban Investment Group and Citi are the project’s lead lenders.