On Thursday, LIIF was proud to announce the closing of an $18.5 million construction loan with Phipps Houses to support the rehabilitation of two buildings in the Honeywell Development in the Bronx.
Originally developed with Low Income Housing Tax Credit (LIHTC) financing in the 2000s, these properties have now exited their compliance period and require moderate rehabilitation and rent restructuring to ensure long-term affordability. The project will preserve 114 units serving households at 30–60% area median income (AMI), with renovations completed through a tenant-in-place approach.
The financing was originated through the HPD Participation Loan Program and includes $9.1 million from LIIF and $9.4 million in HPD subsidies. Upon completion, LIIF will originate a $9.1 million, 30-year permanent loan, which will be sold to New York City Retirement Systems (NYCRS) through a forward commitment. This work is further supported by LIIF’s New York Green Bank award.
Phipps Houses, New York City’s oldest nonprofit affordable housing developer, continues to be a cornerstone partner in preserving critical housing across the city.
Phipps Houses, New York City’s oldest nonprofit affordable housing developer, continues to be a cornerstone partner in preserving critical housing across the city.