Affordable Housing Moves Forward Despite COVID Obstacles
COVID-19 has challenged efforts to create and preserve affordable homes across the US – including uncertainty around loan terms and repayment and physical distancing impacts on site visits and construction. Despite this, projects to increase the supply of homes that are affordable have continued to move forward, including two recently closed LIIF projects coming to New York City.
Mixed-use Affordable Housing in Staten Island
LIIF recently provided BFC Partners with a $6.5 million loan for the acquisition and refinancing of land to build 275 housing units, 20,000 square feet of community facility space and 17,000 square feet of retail space. The residential units are anticipated to be affordable to families earning between 30% and 80% of Area Median Income, with 15% of the units reserved for people who have experienced homelessness.
This formerly industrial, working-class neighborhood in Stapleton, Staten Island was recently re-zoned to create more housing and neighborhood amenities. The project will be developed through the New York City Housing Preservation and Development (NYC HPD) Extremely Low & Low-Income Affordability (ELLA) Program.
Supportive Housing in Queens
LIIF provided a $3.25 million acquisition loan for a site in Far Rockaway, Queens, to be developed into 92 residential units, 4,500 square feet of office space for resident social services and 3,200 square feet of community facility space.
It is anticipated that 60 units will be reserved as supportive housing for adults with a serious mental illness or substance abuse disorder. CORE Services Group will provide social services, employment placement, education referrals and case management services. The community facility space is anticipated to be leased by a Federally Qualified Health Center with a long track record of providing medical services to low-income communities in the surrounding area. The project will be developed through the NYC HPD Supportive Housing Loan Program.
LIIF serves as the originating lender of this project through the NYC Acquisition Fund. The development will be jointly led by Brisa Development and Property Markets Group.
Through these acquisition and refinancing loans, LIIF continues to support black-led developers and social service providers and to help finance the creation of much-needed permanent supportive housing and affordable homes, which are in severely short supply in New York City and nationwide.