45 Malta Street

In partnership with the non-profit lender The Community Preservation Corporation, developers used 4 percent low-income housing tax credits and tax-exempt bonds to finance 45 Malta Street, a 6-building rental development in the East New York section of Brooklyn, New York. To reduce development costs, each 4.5-story building was designed as an 8-unit walk-up, with all apartments affordable to households at 50-60 percent of AMI. 45 Malta Street was developed with the support of the East Brooklyn Congregation, an organization that has been involved in local affordable housing and neighborhood redevelopment efforts.