Historic stability is a hallmark of Old Brooklyn, says Lucas Reeve, executive director of the neighborhood CDC. “We have done a lot of work to intervene with aging housing stock and condition of homes,” he says, relaying a concerted effort to prevent “bulk buying groups” and predatory investors from buying up homes to rent out.
“We try to overinvest in those homes, and once fully rehabbed, they are naturally occurring affordable housing for families who benefit from home ownership,” Reeve says, noting the CDC has taken on a “fair amount” of those projects during the last few years.
Old Brooklyn CDC also offers home buyer workshops and through partners, access lending programs that provide down payment assistance and educational resources.
With the middle neighborhoods effort and CNP partnership, Reeve says those investments will push improvement at “the higher end” of the neighborhood to drive up housing values while modernizing housing stock for modern buyers.
This translates to a second bathroom, office space and offering at least three bedrooms in single-family homes. Outdoor space is a priority, too. “By us investing in the bottom end of the market to combat predatory investors and at the top end to drive comps and bring folks into the neighborhood, we can continue stabilizing this area and compete against surrounding suburbs,” Reeve says.
As part of the middle neighborhoods’ commercial corridor investments, Old Brooklyn CDC will help facilitate grant funding through a match program. “For every dollar a commercial property owner puts toward improvements, we will match those funds to help make upgrades possible so a new business can come in and sign a lease,” Reeve says. “This helps support property owners so those investments aren’t all out-of-pocket.”
Reeve emphasizes that the over-arching goal is sustainable stability in the neighborhood. He says, “We want to be inclusive and bring new people into the neighborhood, new businesses and create pathways to home ownership.”
