New York City—Lott Community Development Corp. recently celebrated the opening of All Saints Housing, a new three-building development in East Harlem.
All 99 units are designated for low-income residents, including 20 apartments for formerly homeless families and individuals. The project also marks the revitalization of a block located on 131st Street between Madison and Park avenues that was marred by vacant lots and unstable buildings.
While a number of different developers are working to turn around the neighborhood, All Saints is the first to be completed and occupied.
Enterprise Community Partners, Inc., provided $10.9 million in low-income housing tax credit equity and a $300,000 predevelopment loan. The New York City Housing Development Corp. provided a 1 percent low-interest loan, and the New York City Department of Housing Preservation and Development provided additional subsidy through its Mixed-Income Rental Program. Bonds were guaranteed with a letter of credit from JPMorgan Chase during construction and a State of New York Mortgage Agency guarantee upon lease-up.
In addition, All Saints is part of the New York State Energy Research and Development Authority called the Energy Star Multifamily Pilot. As part of the pilot, Lott Community Development worked with energy consultants to develop and design systems that help the buildings achieve maximum energy efficiency. Green features of the building include high-efficiency furnaces; energy-saving insulation and windows; water-restriction devices on all faucets; and motion detectors for all hall lighting.
All of the units are reserved for households with incomes up to 60 percent of the area median income, or $46,080 for a family of four.