Related Affordable announced a deal that will provide $5 million in renovations and preserve the affordability of four properties in upstate New York for 30 years.
All of the apartments are set aside for residents who earn no more than 60 percent of the area median income and benefit from project-based Sec. 8 rental assistance.
The New York State Housing Finance Agency provided $14.6 million in bond financing, and the State of New York Mortgage Agency provided the credit enhancement. About $5.8 million in low-income housing tax credit equity was provided by RBC Capital Markets.
“Related is proud to continue its nearly 40-year commitment to affordable housing through the renovation and preservation of 298 units in New York state,” said Mark E. Carbone, president of Related Affordable, in a statement. “We are grateful for the partnership of New York State Homes and Community Renewal (HCR) whose critical support ensured these units remain affordable for an additional 30 years. Keeping families in their homes has a tremendous impact on the quality of their lives and helps to stabilize neighborhoods and we look forward to working with HCR to preserve even more affordable units in upcoming months and years.”
The properties involved in the transaction are the John Crawford Apartments in the village of Monticello in Sullivan County; Machackemach Village Apartments in Port Jervis in Orange County; Burt Farms II Apartments in the village of Warwick in Orange County; and Greenacres Apartments in the village of Fredonia in Chautauqua County.