The New York City Department of Housing Preservation and Development (HPD) has reserved $18.1 million in low-income housing tax credits (LIHTCs) to 13 affordable housing developments.
The 2018 awards will help create or preserve 1,000 affordable apartments for New Yorkers across the five boroughs.
The amount of LIHTCs allocated by HPD represents a substantial increase from last year's awards, thanks in part to a 12.5% increase in 9% credits authorized by Congress. The first expansion of the program in a decade helped HPD finance two additional developments with more than 100 affordable homes, according to department officials.
Four developments—FAC Renaissance, Woodlawn Senior Living, East Village Homes, and BP Mapes—will take advantage of the new income-averaging option, which also became available under the Consolidated Appropriations Act of 2018. The move expands the program’s reach by allowing LIHTC-qualified units to serve households earning as much as 80% of the area median income (AMI) as long as the average income limit at the property is no more than 60% of the AMI.
“The low-income housing tax credit is one of the most important tools we have in this country to create and preserve desperately needed affordable housing,” said HPD commissioner Maria Torres-Springer. “Last year, Congress expanded the housing credit program for the first time in a decade, demonstrating how important affordable housing is nationwide. We look forward to working with the next Congress to continue this trend so that more New Yorkers, and more Americans, have access to quality, affordable homes.”
HPD allocates a portion of the state of New York's overall federal LIHTC authority.
The department awarded housing credits to 10 new construction or adaptive-reuse projects and three preservation projects. Of the new construction/adaptive-reuse projects, four will be developed with supportive housing set aside to serve formerly homeless families. LIHTCs were awarded to the following projects:
Manhattan:
East Village Homes: This new construction project will be developed by Asian Americans for Equality in Community Board 3 in Manhattan. This project will provide 44 units of affordable housing to the neighborhood. The annual allocation is approximately $1 million.
CLOTH Amsterdam: This preservation project will be rehabilitated by Community League of the Heights in Community Board 10 and 12 in Manhattan. This project will provide 58 units of affordable housing to the neighborhood. The annual allocation is approximately $1.2 million.
Balton Commons: This new construction project will be developed by Lemor Realty in Community Board 10 in Manhattan. This project will provide 37 units of affordable housing to the neighborhood. The annual allocation is approximately $913,000.
Brooklyn:
FAC Renaissance: This preservation project will be rehabilitated by Fifth Avenue Committee in Community Board 2 and 6 in Brooklyn. This project will provide 64 units of affordable housing to the neighborhood. Of those 64 units, 23 will be rented to formerly homeless households. The annual allocation is approximately $403,000.
Bronx:
BK Westchester: This preservation project will be rehabilitated by Banana Kelly in Community Board 2 and 3 in the Bronx. This project will provide 115 units of affordable housing to the neighborhood. The annual allocation is approximately $686,000.
BP Mapes: This new construction project will be developed by Bronx Pro in Community Board 6 in the Bronx. This project will provide 30 units of affordable housing to the neighborhood. The annual allocation is approximately $1 million.
Muller House: This new construction project will be constructed by The Doe Fund in Community Board 12 in the Bronx. This project will provide 90 units of affordable housing to the neighborhood. Of the 90 affordable units, 54 will be rented to formerly homeless households. The annual allocation is approximately $1.3 million.
The Bedford: This new construction project will be developed by Housing and Services, Inc., in Community Board 7 in the Bronx. This project will provide 107 units of affordable housing to the neighborhood; 66 of the 107 affordable units will be rented to formerly homeless households. The annual allocation is approximately $2.5 million.
Woodlawn Senior Living: This new construction project will be developed by RiseBoro Community Partnership in Community Board 12 in the Bronx. This project will provide 80 units of affordable housing to the neighborhood. All 80 units will be rented to senior households. The annual allocation is approximately $1.8 million.
Queens:
T Building: This project involves the adaptive reuse of an existing building by Dunn Development in Community Board 8 in Queens. This project will provide 202 new units of affordable housing to the neighborhood. Of those 202 units, 75 units will be provided to formerly homeless households. The annual allocation is approximately $3.3 million.
Rockaway South: This new construction project will be developed by The Related Cos. in Community Board 14 in Queens. This project will provide 56 units of affordable housing to the neighborhood. All 56 units will be rented to formerly homeless households. The annual allocation is approximately $1.3 million.
161-01 89th Avenue: This new construction project will be developed by Transitional Services for New York in Community Board 12 in Queens. This project will provide 70 units of affordable housing to the neighborhood. Of the 70 units, 42 of will be rented to formerly homeless households. The annual allocation is approximately $1.6 million.
Staten Island:
The Castleton: This new construction project will be developed by The Hudson Cos. in Community Board 1 in Staten Island. This project will provide 48 units of affordable housing to the neighborhood. Of the 48 units, 29 will be rented to formerly homeless households. The annual allocation is approximately $1.1 million.
