The Atlantic Avenue condo project which is being spearheaded by Habitat for Humanity with the assistance of New York hedge funds is a $13 million dollar enterprise with funding 
coming from fund raising, borrowed money, state funding, sales revenue, a foundation grant and a donation from the president’s office of the borough of Brooklyn, where the project is being developed.
Because of the enormous increase in construction costs, over 150% rise in the five years from 2002 until 2007; it is difficult, if not impossible, for non-profit and even for-profit developers to finance low-income housing projects. This is where Habitat for Humanity steps in, and in the case of the Atlantic Avenue, Ocean Hill-Brownsville, Brooklyn, there will be an additional 41 units for hard-working but low-income New Yorkers to purchase.
The NIR Group, Corey Ribotsky managing partner, is excited to part of Hedge Funds for Humanity.
