LIIF has closed two predevelopment loans totaling $2 million with Genesis Companies to support their rehab of Rangel Houses in the historically undercapitalized Washington Heights neighborhood of Manhattan. The campus-style development, home to over 2,000 residents, was originally developed in 1951 and consists of eight buildings comprising 984 units. Genesis Companies, along with their partner CLOTH, was selected by the New York City Housing Authority to redevelop the campus through the City’s Permanent Affordability Commitment Together (PACT) Program. NY Green Bank is also part of this transformative project.
The campus-style development, home to over 2,000 residents, was originally developed in 1951.