Bedford Union Armory

Bedford Union Armory

Bedford Union Armory (BUA) will be renovated into 110,000 square foot mixed-used office and recreational facility space located in a severely distressed area of Brooklyn, NY.
Brooklyn, NY

Project Impacts:

  • BUA’s recreational facility will serve approximately 2,000 users per week through high-quality, free, and low-cost programming and events

  • Office space will be leased to 10-15 non-profits organizations (providing services to approximately 9,250 individuals per year with rental rates at least 50% below market rate.  These organizations already provide services to NYC residents, but this office space will allow tenants to approximately double their capacity on average.

  • Approximately 1,523 jobs (60% of FTEs from the LMI community).

NCIF: $5 million NMTC allocation
CDFI Partner: Industrial Bank ($1.5 million loan)
Large Bank: Wells Fargo ($6 million NMTC equity investment); Citibank ($2.6 million NMTC equity investment)

National Community Investment Fund provided $5 million in New Markets Tax Credit (NMTC) allocation to finance the renovation of the Bedford Union Armory (BUA). BUA is located in a severely distressed area of Brooklyn, NY. The BUA facility was formerly operated as a training, storage, and response center by the National Guard. This building will be transformed into a recreational facility and offices to be leased to non-profit organizations. The broader development, built concurrently with this project, will also include affordable housing. BUA has strong local and regional support, including from the City of New York.

Since 1934, Industrial Bank has been a strong partner for small and large businesses, homeowners and personal banking account customers in the Washington, DC community. The Bank remains strong because of their mission to make a difference in people's lives and in the economic development of their communities. In these uncertain economic times, the Bank has worked to help educate the community, in particular the underserved community, on the principles and practices of sustainable wealth-building and financial literacy. In addition to grassroots efforts to educate and motivate the community, the Bank has partnered with local government and non-profit organizations to create business models that provide funding for first-time home buyers, capital to entrepreneurs, and strategic consultation to entities in need.