The Schermerhorn, a 216-unit supportive housing development for low-income New Yorkers, celebrated its completion with a ribbon cutting by Brooklyn Borough President Marty Markowitz. The event also marked the opening of a new black box theater and art center within the building.

The Schermerhorn, at 160 Schermerhorn St., was developed under Mayor Bloomberg’s New Housing Marketplace Plan, a billion-dollar initiative to build 165,000 units of affordable housing by 2014. The total development cost for the project was $59 million.

“Since 2003 when we launched the New Housing Marketplace Plan, affordable and supportive housing has been a critical component in the City’s ongoing mission to fight homelessness,” said Bloomberg. “This award-winning new development will not only provide homes for low-income New Yorkers, but also help revitalize Brooklyn while contributing to the City’s cultural offerings.”

The Actors Fund, a co-sponsor of the building, provides social services and emergency financial assistance, health care, housing, and employment and training services to people who work in performing arts and entertainment.

Artists enrich every community and play an invaluable role in successful urban economic revitalization,” said Joseph P. Benincasa, President of The Actors Fund.

The arts center houses a studio space occupied by the non-profit Brooklyn Ballet, and the residential building features a courtyard garden, computer lab, fitness room, on-site laundry and 24-hour security.

The Schermerhorn will reserve more than 50% of the units for formerly homeless individuals with special needs, including individuals living with HIV/AIDS; the rest will be for low-income single adults, with a preference for people from the performing arts, such as local actors, dancers, singers and filmmakers.

All of the units are affordable to low-income New Yorkers earning no more than 60% of the Area Median Income, which is about a $33,300 income for a single person.