Casa Green is a fully simulated, policy-aligned affordable housing project based on real-world regulations, market data, and financing mechanisms. Located at 601 Union Street in Gowanus, Brooklyn, this six-story, 95-unit residential development reflects the area’s 2021 rezoning and its designation as an Opportunity Zone. The project is designed to be 100% affordable, offering below-market rents for studios, one-bedrooms, and  two-bedrooms—aligned with NYC’s Area Median Income (AMI) guidelines. The development sits on a buildable area of 95,000 square feet and is projected to generate a Net Operating Income (NOI) of approximately $1.1 million annually. Total development cost is estimated at $30.2 million, with a layered capital stack that mirrors actual affordable housing finance structures. The project leverages Low-Income Housing Tax Credits (LIHTC), generating over $10 million in tax credit equity over 10 years, and includes funding from HDC bond financing ($15.4 million), HDC gap financing, HPD subsidy, and developer equity. With a qualified basis of $28.75 million and an applicable fraction of 100%, the structure adheres to the LIHTC program’s compliance requirements.

Casa Green demonstrates how deeply affordable housing can be realistically financed, developed, and operated in high-cost urban environments while contributing to equitable neighborhood growth.