Incorporated in January 1985 as a non-profit community development organization, NEBHDCo. had the initial goal of providing sound, affordable rental housing to low-income residents of central Brooklyn. In response to local needs, our mission has grown significantly over the past 19 years. NEBHDCo. has grown into a community development corporation that includes four central programs: Affordable Housing Development, Asset Management, Homeownership Marketing and Education, and Human Services and Community Development.
NEBHDCo.'s experience as a leading affordable housing developer in central Brooklyn began in 1991, with the development of a mixed-use/residential 16-unit equity cooperative utilizing a Community Land Trust model, funded by a grant of $1.6 million from the New York State Housing Trust Fund Corporation. That same year, we were selected to participate in the LISC/Enterprise LIHTC program, in which we developed over 400 units of housing from 1991 to 1998, representing investments of more than $100 million.In 1993, we were selected by New York City?Ws Housing Preservation and Development (HPD) to participate in its Special Initiative Program, under whose auspices which we now own and manage 352 units of housing through various Housing Development Fund Corporations. Our first private acquisition came in 1995, with the transformation of a former warehouse into Throop Court, one of our flagship projects. Throop Court, an adaptive reuse supportive housing project, took advantage of $6.4 million in financing from the NYS Homeless Housing and Assistance Corporation, the NYS Office of Mental Health, and Low Income Housing Tax Credits from the NYS Division of Housing and Community Renewal. The privately syndicated venture attracted sufficient credits to raise $5 million in equity. As a result we developed 53 units of housing for homeless families and mentally ill persons.
Over the past 19 years, NEBHDCo. has grown significantly in accordance with community needs, and now encompasses a broad array of community services. To better accommodate these needs, we have significantly restructured our property management and community services programs, consolidating our social services, community development, and employment programs into a Human Services Department. Through it all, we remain committed to one of the poorest areas of New York City, where affordable rental housing and homeownership opportunities continue to be in demand, and where employment, job training, and social services are difficult to come by.