A Multi-Housing News article highlights a LIIF-originated $29.5 million acquisition loan, in participation with the New York City Acquisition Fund, that is strengthening the historically underserved community of East Harlem. This Breaking Ground adaptive reuse project will convert a 19-story former student-housing property into 435 units of affordable and supportive housing. There will be 261 units set aside for formerly homeless individuals, including about 40 apartments for young adults who aged out of foster care or are experiencing being unhoused. The remaining 173 units will be for families with incomes at or less than 60 percent of the Area Median Income (AMI).
Read the Multi-Housing News article.
Read the Harlem World article. (pick up)
Read the New York YIMBY article.
Read the New York State Homes and Community Renewal press release.
Additional funding for the project came from the New York City Acquisition Fund, the Low Income Investment Fund, Resolution A funds through the New York City Council, and the New York State Office of Temporary and Disability Assistance/Homeless Housing and Assistance Corp.
Multi-Housing News article