St. Nicks Alliance Secures $26 Million to Preserve 44 Affordable Homes in Brooklyn
Brooklyn, New York, USA | September 26, 2026: A $26 million rehabilitation deal will help preserve 44 affordable homes across Bushwick and East Williamsburg, as nonprofit St. Nicks Alliance moves forward with upgrades to four residential buildings. The project will retain existing housing while improving building infrastructure, including heating systems at two properties.
The financing covers three properties across Brooklyn, with homes subject to income-based affordability requirements and a portion reserved for formerly homeless residents.
Four Buildings Across Three Brooklyn Properties
The rehabilitation covers four buildings at three locations:
- 984–988 Greene Avenue: Two adjoining buildings with 16 apartments each.
- 315 Harman Street: A six-unit building.
- 19 Kingsland Avenue: A six-unit building.
Together, the properties contain 44 apartments. The Greene Avenue and Harman Street buildings date to 1931, while the Kingsland Avenue property was built in 1920.
The project will rehabilitate existing homes rather than add new residential units.
28 Apartments Reserved for Households Earning Up to 70% AMI
The affordability structure includes income limits tied to Area Median Income (AMI).
According to the project details, 28 of the 44 apartments will be reserved for households earning no more than 70% of AMI, while 24 apartments will be reserved for households earning no more than 50% of AMI.
These categories overlap and should not be added together as separate apartment allocations.
Under 2026 federal guidelines, the maximum income for a three-person household is $106,890 at 70% AMI and $76,350 at 50% AMI.
A portion of the apartments will also be set aside for formerly homeless residents, although the exact number has not been disclosed.
LISC Provides $2.26 Million Loan
The $26 million financing package includes a $2.26 million construction and permanent loan from LISC New York to support rehabilitation and financing costs.
Other reported funding sources include:
- New York City Housing Preservation and Development's Participation Loan Program
- City Council Resolution A discretionary grants
- HPD's Resilient and Equitable Decarbonization Initiative
The decarbonization funding will support the electrification of heating systems in the Greene Avenue buildings.
Heating Electrification Included in Rehabilitation
The project combines the preservation of affordable housing with upgrades to existing building infrastructure.
The planned electrification of heating systems at Greene Avenue is a key part of the work supported by the city's decarbonization initiative.
For older residential buildings, rehabilitation can address building needs while retaining existing affordable homes. The precise scope of other building upgrades has not been detailed in the available project information.
Why Preserving Existing Affordable Homes Matters
The project comes amid significant housing affordability pressures in the combined Williamsburg-Bushwick area. More than half of renter households in the area were rent-burdened during 2017–2021, meaning they spent at least 30% of household income on rent.
That neighbourhood-wide statistic does not describe the residents of these specific buildings, but it provides context for the importance of preserving affordable housing in the area.
Rehabilitating existing properties can maintain affordable housing stock without requiring residents to rely entirely on newly constructed developments.
St. Nicks Alliance's Affordable Housing Work
St. Nicks Alliance has a long history of affordable housing development and preservation in Brooklyn.
The nonprofit says it has helped bring more than 2,200 affordable homes across 334 properties to market over 41 years through renovation, construction and acquisition.
The latest financing adds another rehabilitation project to its housing portfolio, focusing on the continued affordability and improvement of existing residential buildings.
What Happens Next
With the $26 million financing closed, the project can proceed with the planned rehabilitation of the four buildings.
The work will focus on preserving the 44 affordable apartments, carrying out building improvements and electrifying the Greene Avenue heating systems. A construction completion date has not been specified in the available project details.