Coney Island Town Hall Meeting May 16 on Purchasing Affordable New Owner-Occupied Multi-Family Homes

BROOKLYN, N.Y. - May 12, 2016 - PRLog -- Astella Development Corp. and its partner Brooklyn Community Services will host a town hall meeting on May 16 to discuss the benefits of becoming a homeowner and entrepreneur through owning and managing a newly constructed 3-family home in Coney Island. The town hall meeting is at Liberation High School, 2865 West 19th Street in Coney Island from 5:30-7:30pm.

This town hall meeting will spotlight the importance of these affordable homes in the revitalization of the historic Coney Island community.  Speakers include Dianne M. Goodwin, CMB Loan Officer, Evolve Bank & Trust, on the mortgage process and John Abramo, vice president, Housing Partnership Development Corp., explaining the application process.  These multi-family homes are offered through the New York City Department of Housing Preservation and Development (HPD) New Infill Housing Opportunities Program (NIHOP), with assistance from the Housing Partnership Development Corp. (HPDC) and New York State Affordable Housing Corp (AHC).  Completion of construction is anticipated by July 2016.

"The benefits of home ownership can be equivalent to personal freedom," said Assembly Member Pamela Harris (D-Brooklyn), a lifelong Coney Islander. "Owning your own home allows you peace of mind, for some to bring you out of rental hardships now into investors heaven, thus these three family homes open the door to a better future for so many."

The new homes are under construction at: 2816 & 2818 West 16^th St.; 2425, 2427 & 3216 Mermaid Ave.; and 3566 & 3568 Canal Ave. Sizes range from 2,450-3,825 sq. ft., with purchase prices from $395,680-$607,672. Eligible buyers should have at least 5% of the purchase price available for down payment, be able to afford all closing costs and qualify for 95% mortgage financing. In addition, buyers' household income must fall between $89,712 and $130,260, depending on household size.  Buyers will benefit from a 20 year property tax abatement. Buyers must agree to occupy the homes as primary residences.

"Brooklyn Community Services and Astella see affordable housing as the lynchpin for community recovery," said Marla Simpson, executive director of BCS and managing agent for Astella. "These new homeowners and their tenants will be a welcome addition to the Coney Island neighborhood."

For more information on requirements for Astella's Coney Island Homes development, please request an application form by sending a postcard to BCS /Astella Development Corp., 1702 Mermaid Ave., Brooklyn, N.Y. 11224. Applications will be selected by lottery. There is no broker's fee and no application fee.  Astella is offering one-to-one consultation and assistance to potential applicants, by appointment only.

Applications must be postmarked by May 23, 2016 in order to be considered.

About Brooklyn Community Services
BCS celebrates the strength of the human spirit, and in 2016, we celebrate our 150^th Anniversary.  Our mission is to empower at-risk children, youth and families, and adults with mental illness or developmental disabilities to overcome the obstacles they face, as we strive to ensure opportunity for all to learn, grow and contribute to ONE Brooklyn Community. To achieve this mission, we offer comprehensive and holistic services: early childhood education; youth development services and educationally rich after-school programs; counseling for at-risk families; treatment, recovery and job training to support the life goals of adults living with mental illness; person-centered rehabilitation and community living support for adults with developmental disabilities and disaster recovery case management and relief services. BCS also seeks to increase public awareness of the impacts of poverty on individuals and the community at-large.  With a staff of over 400 and over 20 sites around the borough, BCS serves 12,000 people every year. Today, BCS is one of the oldest not-for-profit, non-sectarian social service providers in New York City.  For more information:  www.wearebcs.org