Non-profit group turns home ownership dream into reality for BK renters
A non-profit group is making the dream of home ownership a reality for long-time Brooklyn residents at a fraction of the cost. The Pratt Area Community Council purchased 10 homes in the Bedford-Stuyvesant
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Jul 13, 2006, 11:50 PM
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Updated 6,818 days ago
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A non-profit group is making the dream of home ownership a reality for long-time Brooklyn residents at a fraction of the cost.
The Pratt Area Community Council purchased 10 homes in the Bedford-Stuyvesant and Clinton Hill areas from the Department of Housing and Urban Development for $1 and renovated them for $2.6 million. The organization sold the homes below market value to people who have an established history in those neighborhoods.
Alfred Faber rented at a Bed-Stuy brownstone for about 33 years. The non-profit group renovated the home and sold it to Faber for $400,000 when it was appraised at almost $750,000. The Pratt Area Community Council has purchased 13 other buildings in the two areas and hopes to keep enriching the lives of Brooklyn residents.
Related Information Pratt Area Community Council 718-522-2613
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