December 29, 2021

Press Office: hpdmedia@hpd.nyc.gov

Awards will support new construction and preservation developments, including projects delivering supportive and senior housing

NEW YORK – The New York City Department of Housing Preservation and Development (HPD) today announced the award of $15.5 million in housing credits to 10 developments for the creation and preservation of 696 affordable homes across the city. The tax credits will raise approximately $155 million in equity to be used for the construction of these projects with the vast majority of homes serving low-income New Yorkers. The awards benefiting five new construction projects and four preservation projects include support for three supportive housing developments, one senior development, critically needed preservation work, and 250 homes for formerly homeless tenants.

“The Low Income Housing Tax Credit program remains one of the most powerful federal tools that cities have to create and preserve affordable housing,” said HPD Commissioner Louise Carroll. “These ten developments receiving awards will serve some of our most vulnerable New Yorkers, including deeply affordable and supportive homes. Thank you to our elected leaders who have worked to secure these credits, which have been an invaluable asset to our ambitious affordable housing goals and the city’s future.”

Housing credits are an indirect federal subsidy used to finance the development of affordable rental housing for low-income households. Each year, the IRS allocates housing tax credits to designated state agencies, who in turn distribute the credits through a competitive process to projects throughout their state. New York City receives its sub-allocation of tax credits from New York State Homes and Community Renewal, the amount of which is determined and sub-allocated annually by the State.

HPD allocates a portion of the State of New York's federal Low Income Housing Tax Credit authority - both 9 percent competitive credits and 4 percent "as-of-right" credits. During annual funding rounds, developers compete for allocations of 9 percent tax credits. Four percent tax credits are allocated on a rolling basis annually. Once tax credits are allocated to a low-income restricted project, the developer may sell the credits to private investors that receive credits against federal income taxes for ten years.  These private investments, in turn, generate equity to cover a portion of development costs, which substantially reduces the need for local public subsidies and in addition to the affordability requirements of the credits, can further support comprehensive rehab scopes, and new construction of more supportive, senior, homeless, and deeply affordable apartments.

Nationally, the Housing Credit and private activity tax exempt bonds are responsible for 90 percent of all affordable housing developments – supporting more than 90,000 affordable homes and nearly 100,000 jobs every year. 

The recipients of the LIHTC awards for 2021 can be found on the HPD Website.

Brooklyn

Comunilife Throop: This new construction supportive housing project will be developed by Comunilife, Inc. on land leased by NYC Health + Hospitals. Of the 93 new homes, 56 are designated for formerly homeless tenants.

RiseBoro TPT Ten: This rehabilitation project will be developed by RiseBoro Community Partnership, Inc. Of the 62 renovated homes, eight are designated for formerly homeless tenants.

Euclid Glenmore: This new construction supportive housing project will be developed by The Lantern Organization and Mega Development. Of the 135 new homes, 81 are designated for formerly homeless tenants.

Bushwick Alliance: This new construction project will be developed as a partnership by St. Nick’s Alliance and RiseBoro Community Partnership Inc. Of the 28 new homes, four are designated for formerly homeless tenants.

NCP Weeksville: This new construction project will be developed by Settlement Housing Fund. Of the 45 new homes, eight are designated for formerly homeless tenants.

Bronx

MBD New Heights Apartments: This rehabilitation project will be developed by MBD Community Housing Corporation. Of the 70 renovated homes, 14 are designated for formerly homeless tenants.

784 Courtlandt: This new construction project will be developed by Infinite Horizons. Of the 20 new homes, three are designated for formerly homeless tenants. This is a public site issued via RFP in HPD’s M/WBE Building Opportunity Initiative.

Wakefield Grace UMC Complex: This new construction project will be developed by The Finch Group. Of the 73 new homes for seniors, 22 are designated for formerly homeless tenants. 

Manhattan

WHCO Portfolio: This rehabilitation project will be developed by CB Emmanuel Realty LLC. The project will consist of rehabilitation for 102 homes, 21 are designated for formerly homeless tenants.

Stephan Russo Residence: This rehabilitation supportive housing project will be developed by Rockabill Development and Goddard Riverside Community Center. Of the 69 new homes, 54 are designated for formerly homeless tenants.