Tiebout Green
LIIF provided Fordham Bedford Housing Corporation (FBHC), a northwest Bronx community organization with a 30-year track record of affordable housing development, with a $4.8 million construction loan to acquire a vacant city-owned lot and develop a new energy-efficient affordable rental property. The new development, Tiebout Green, will be a seven-story, 20,000-square-foot building with a rear courtyard, green roof garden terrace and community room. Featuring a mix of one- and two-bedroom units, Tiebout Green will increase the stock of affordable housing options for the Bronx’s fast growing population. The construction financing included a $1 million subordinate loan from the New York City Department of Housing Preservation and Development Low Income Program (LIP) and $5.6 million in federal Low Income Housing Tax Credit equity. LIP ensures that all units will be affordable to households earning up to 60% of AMI and reserves some units for families earning 40% of AMI or the formerly homeless.
Project Details
- Impact
- 20 affordable housing units created
- Building will achieve NYC’s Enterprise Green Communities Certification
- Financing
- $4.8 million construction to permanent loan
- Partners
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- Enterprise Community Investments
- Enterprise Community Loan Fund
- Fordham Bedford Housing Corporation
- New York City Department of Housing Preservation and Development
- NYC Retirement Systems
More Information
Our Affordable Housing Program
Community Capital for Affordable Housing
