Ten developments have been awarded $15.5 million in low-income housing tax credit (LIHTC) reservations from the New York City Department of Housing Preservation and Development (HPD). The awards will help finance the creation or preservation of 696 affordable homes across the city.
The tax credits will raise approximately $155 million in equity to be used for the construction of these projects with the vast majority of homes serving low-income New Yorkers.
The awards will support a variety of projects, including three supportive housing developments, one senior development, critically needed preservation work, and 250 homes for formerly homeless tenants, said the department.
“The low-income housing tax credit program remains one of the most powerful federal tools that cities have to create and preserve affordable housing,” said HPD commissioner Louise Carroll. “These 10 developments receiving awards will serve some of our most vulnerable New Yorkers, including deeply affordable and supportive homes. Thank you to our elected leaders who have worked to secure these credits, which have been an invaluable asset to our ambitious affordable housing goals and the city’s future.”
HPD allocates a portion of the state’s federal LIHTC authority—both 9% competitive credits and 4% "as-of-right" credits. The city receives its sub-allocation of credits from New York State Homes and Community Renewal, the amount of which is determined and sub-allocated annually by the state.
Brooklyn
Comunilife Throop: This new construction supportive housing project will be developed by Comunilife on land leased by NYC Health + Hospitals. Of the 93 new homes, 56 are designated for formerly homeless tenants.
RiseBoro TPT Ten: This rehabilitation project will be developed by RiseBoro Community Partnership. Of the 62 renovated homes, eight are designated for formerly homeless tenants.
Euclid Glenmore: This new construction supportive housing project will be developed by The Lantern Organization and Mega Development. Of the 135 new homes, 81 are designated for formerly homeless tenants.
Bushwick Alliance: This new construction project will be developed as a partnership by St. Nick’s Alliance and RiseBoro Community Partnership. Of the 28 new homes, four are designated for formerly homeless tenants.
NCP Weeksville: This new construction project will be developed by Settlement Housing Fund. Of the 45 new homes, eight are designated for formerly homeless tenants.
Bronx
MBD New Heights Apartments: This rehabilitation project will be developed by MBD Community Housing Corp. Of the 70 renovated homes, 14 are designated for formerly homeless tenants.
784 Courtlandt: This new construction project will be developed by Infinite Horizons. Of the 20 new homes, three are designated for formerly homeless tenants. This is a public site issued via requests for proposal in HPD’s M/WBE Building Opportunity Initiative.
Wakefield Grace UMC Complex: This new construction project will be developed by The Finch Group. Of the 73 new homes for seniors, 22 are designated for formerly homeless tenants.
Manhattan
WHCO Portfolio: This rehabilitation project will be developed by CB Emmanuel Realty. The project will consist of the rehabilitation for 102 homes; 21 are designated for formerly homeless tenants.
Stephan Russo Residence: This rehabilitation supportive housing project will be developed by Rockabill Development and Goddard Riverside Community Center. Of the 69 new homes, 54 are designated for formerly homeless tenants.
For more information, visit the HPD website.
