Ocean Bay Apartments receive $560m in public funding for renovations

The NYCHA’s Ocean Bay (Bayside) Apartments has received $560 million to refurbish the property from The New York City Housing Authority, the NYS Homes and Community Renewal, and the U.S. Department of Housing and Urban Development. Built in 1961, the 24 building, 1,395 unit public housing community in Far Rockaway, is located along Beach Channel Drive between Beach 54th and Beach 58th streets. Development costs will be funded from $213 million in tax-exempt bonds from the New York State Housing Finance Agency, $170 million in low income housing tax credit equity, and $1.1 million secured via the Investment Tax Credit. The funding will go towards major infrastructure upgrades, along with resiliency and security systems. Approximately 4,000 residents will benefit from the upgrades and renovations.