LIIF & NYC HPD Partnership Reaches $200 Million for Affordable Housing
New York Affordable Housing Highlights
Over $200 Million Invested in Affordable Housing in New York City
The Low Income Investment Fund (LIIF) is pleased to have worked as a partner to the New York City Department of Housing Preservation and Development (HPD) to originate more than $200 million in financing for the construction or preservation of more than 1,000 affordable housing units throughout New York City. HPD’s housing programs are critical to LIIF’s efforts to respond to the needs of New York families. Below are a few highlights of the partnership and updates on our activities in the broader region.
Participation Loan Program Financing for Phipps Houses
Phipps Houses, New York City’s oldest and largest nonprofit affordable housing developer, has completed the major rehabilitation of a partially-occupied six-story building in lower Manhattan, preserving 21 apartments affordable to low- and moderate-income households. LIIF led a $5.1 million Participation Loan Program (PLP) construction financing with HPD participation and is providing a $2 million permanent first mortgage through LIIF’s partnership with the New York City Retirement Systems (NYCRS).
Third Party Transfer Financing for Dougert Management
Dougert Management and its construction affiliate are rehabilitating five tax-foreclosed rental apartment buildings in the Belmont and Tremont sections of the Bronx through the city’s Third Party Transfer program. The project preserves 54 apartments as affordable housing, including 30 units for existing residents. LIIF provided $6.7 million in construction financing with HPD participation and will provide the $2.5 million permanent first mortgage through NYCRS.
Financing for New, Green Construction in the Bronx for Fordham Beford Housing Corp
In Fordham Heights, Fordham Bedford Housing Corp., a leading developer of green affordable housing, is transforming a vacant infill lot with a new energy-efficient, 20-unit affordable rental building. LIIF provided $4.8 million in construction financing with participation from Enterprise Community Loan Fund. Project financing also included 9% LIHTC equity syndicated by Enterprise Community Investments and a loan from HPD’s Low Income Program. LIIF will provide the permanent first mortgage through NYCRS.
New Markets Tax Credits for L+M Development
St. Matthews Church has served the Crown Heights neighborhood of Brooklyn for over a century, providing youth after-school and summer programs, food and clothing drives and space to host other community groups’ programs. A joint venture led by L+M Development Partners with Bell Urban LLC and others will allow the Church to continue providing its services in a new, four-story commercial and community facility building that will provide a new home base for St. Matthews programs, as well as a new childcare center, a gym and neighborhood-oriented retail. LIIF provided an $11 million allocation of New Markets Tax Credits and participated in a leverage loan led by Goldman Sachs Urban Investment Group for the construction. The project, which will bring approximately 89 permanent jobs to the community, complements an adjoining 87-unit affordable housing project being developed by the joint venture.
NY Acquisition Fund Financing for Common Ground
Common Ground Community and its partner, Mountco Construction and Development Corp., are acquiring 60,000 square feet of underutilized land in the Bathgate section of the Bronx with plans to develop 248 units of affordable housing and an additional 170 units of supportive housing, including 102 units for the formerly homeless. As an originator for the New York City Acquisition Fund, LIIF is providing a $12 million acquisition loan to Common Ground Community for the project.
New Roles in LIIF Lending for Affordable Housing
Kirsten Shaw is Deputy Director for LIIF’s Eastern and Central Regions. She continues to oversee lending for LIIF’s New York City affordable housing program and also manages transactions to finance health centers, charter schools and integrated mixed-use projects that support a holistic approach to community development. Contact Kirsten at firstname.lastname@example.org.
Ivan Levi, the newest Loan Officer in LIIF’s New York office, is the primary point person for New York City affordable housing financing. He comes with a background in lending most recently at CDT. Contact Ivan at email@example.com.