Bank of America provided $102 million in debt and equity financing for the 1921 Atlantic Avenue development in Brooklyn, New York. The property by Dabar Development Partners and Thorobird Cos. will provide 236 affordable housing units, with 36 units reserved for formerly homeless households.

Considering the unprecedented challenges faced in 2020, the affordable housing industry managed to do pretty well. Projects still got built, capital continued to be available for new deals, and, perhaps, new light was even shined on the importance of a place to call home.

Having weathered economic downturns and market turmoil before, the industry once again found its footing after the initial gut punch of the COVID-19 pandemic and the subsequent shelter-in-place orders that began almost a year ago.

Developers will have to continue to overcome the immense obstacles brought on by the global pandemic in the coming months. Even as vaccines are being distributed nationwide, COVID’s presence still casts a long shadow.

“Is there any doubt that the COVID-19 won’t continue to be the biggest issue in 2021?” says Richard Gerwitz, co-head of Citi Community Capital. “The impact on tenants and landlords, the continuing local budget crises, the increased need for shelters and supportive housing. As eviction moratoriums end, and the infection rate has increased, the beginning of the year in particular may be the most challenging time for us as yet.”

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