Essex Crossing Brings Affordable Housing & Services to NYC’s Lower East Side
Since 1967, nine lots in New York’s Lower East Side sat mostly vacant as local community members faced soaring housing prices and many went without affordable health care options and vital social services. Today, the poverty rate within this highly distressed area rests at 35 percent. In response to this dilemma, the City of New York launched a robust $1.2 billion dollar initiative to support Essex Crossing, a project representing one of the most significant urban renewal development opportunities remaining in Manhattan.
Thank in part to LIIF’s contribution of $15 million in New Market Tax Credits, the construction of Site 6 is underway to include a 14-story building comprised of 103,300 square feet of commercial, medical and community space and 100 units of affordable senior housing.
Read more about Essex Crossing.
Learn more about New Market Tax Credits.