Resolution approving the application submitted by the New York City Department of Housing Preservation and Development and the decision of the City Planning Commission, ULURP No C 250314 HAK, approving the designation of an Urban Development Action Area, an Urban Development Action Area Project, and the disposition of city-owned properties located at 1794-1796 St. Johns Place (Block 1474, Lots 29 and 30), 85-87 Legion Street (Block 3514, Lots 6 and 7), and 250-254 Herzl Street (Block 3555, Lots 45 and 46) Borough of Brooklyn, Community District 16, to a developer selected by HPD (L.U. No. 4; C 250314 HAK).

This resolution approves the designation of an Urban Development Action Area (UDAA) and an Urban Development Action Area Project (UDAAP) for city-owned properties across Brooklyn, Community District 16. The project, named 'Constellation' under HPD's 'Open Door Program', involves the new construction of approximately 8 buildings with up to 115 income-restricted residential units. These units will be cooperative homeownership opportunities, with sales prices affordable to families earning at or below 130% of the Area Median Income (AMI). The disposition of these properties (located at 1794-1796 St. Johns Place, 85-87 Legion Street, and 250-254 Herzl Street, among others listed in the Project Summary) to a developer selected by HPD is approved. The basis of disposition price is nominal, with the sponsor paying one dollar per tax lot and providing a note and mortgage for the remainder of the appraised value. The project is expected to take approximately 22 months from closing to completion. Environmental review resulted in a Negative Declaration, with technical memoranda concluding no significant adverse impacts, even with modifications considering the 'City of Yes for Housing Opportunity' zoning text amendment.

This approval facilitates the development of up to 115 new income-restricted cooperative housing units in Brooklyn, offering homeownership opportunities for families earning up to 130% AMI. Residents in the affected areas can expect new construction over the next approximately 22 months.

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