Last month, LIIF was proud to close on a $3.76MM secured acquisition loan for the purchase of South Broadway, a three-parcel site in Yonkers, N.Y. that will eventually be the home of 181 units of affordable housing and municipal parking in the coming years.
This NY Green Bank-qualifying project will deliver affordable, sustainable housing for residents earning 30–80% of area median income (AMI) and is designed to be fully electric and in compliance with both Passive House and Enterprise Green Communities standards for healthy and energy-efficient homes.
In keeping with LIIF’s mission to strengthen opportunity, equity and well-being in undercapitalized communities, the South Broadway redevelopment project will promote economic equity for smaller development firms with less liquidity by fronting fees owed during predevelopment.
This critical redevelopment in one of the nation’s most prohibitively costly metropolitan regions is led by a joint venture among Urban Builders Collaborative (UBC), Pine Street Ventures and Center for Urban Rehabilitation and Empowerment (C.U.R.E.) Development, a Yonkers-based nonprofit affordable housing developer whose mission is to promote safe, affordable housing and job training opportunities for local contractors and community residents. Together, these partners bring the capacity, community roots, and proven track record needed for a project of such scale and complexity.
This NY Green Bank-qualifying project will deliver affordable, sustainable housing for residents earning 30–80% of area median income (AMI)