Hope East of Fifth
In April of 2020, Hope Community Inc. in partnership with Notias Construction, Inc. and Monadnock Development LLC completed a re-syndication strategy to preserve and extend affordability of several expiring Low Income Housing Tax Credit (“LIHTC”) portfolios, a Third Party Transfer property (“TPT”), and 7A Administration property totaling five-hundred and six units (506).
With financing provided by NYC Housing Preservation and Development (“HPD”), NYC Housing Development Corporation (“HDC”), Federal Home Loan Bank of New York (“FHLBNY”), and the use of Tax Credit Equity (“Raymond James Tax Credit Fund”) the partnership undertook significant rehabilitation addressing deferred capital needs, site improvements and interior unit upgrades.
Total development cost of the project was $134.3.MM of which rehab budget was approximately $44.4.MM and included retrofitting 7% of total units (37 units) to meet section 504, Rehabilitation Act for mobility, hearing and vision impaired persons.
Scope and Capital Improvements
Public/common areas underwent the following improvements; new aluminum entry and vestibule doors, replacement of vestibule heating elements, upgrades to existing intercom systems and surveillance. All public halls include keyless fob electronic entry, new porcelain tile, stair run and tread replacement where needed, motion sensor energy efficient lighting, and new finishes.
The creation and expansion of community rooms and outdoor space were improved to promote safe places for residents to meet, organize and socialize within community.
For more information contact Hope Community.