KeyBank Provides $16M for Affordable LGBTQ Community in NYC
- Sep 14, 2021
A joint venture including Homeward NYC, Type A Projects and Azimuth Development Group has secured a $16.3 million financing package for Homeward – Central Harlem, a 51-unit affordable LGBTQ housing development in Harlem, New York. The property will serve unhoused young adults between the ages of 18 and 25. Kossar + Garry Architects is handling design.
KeyBank Community Development Lending and Investment provided the funding, which includes a $12.8 million construction loan as well as a Freddie Mac-backed $3.5 million permanent loan. The joint venture acquired the vacant land in August for $3 million, public records show.
After completion, Homeward NYC will serve as beneficial owner and will offer residents supportive services.
The nine-story community will rise on 0.3 acres at 15 W. 118th St. One unit will be reserved for on-site management, while the rest will be covered by NYC 15/15, a city-funded project-based rental assistance program that provides affordable housing and supportive services for formerly homeless households and individuals.
The development is within walking distance of Marcus Garvey Park, Henry J. Carter Specialty Hospital along with several shopping and dining options. Lower Manhattan is less than 8 miles away.
Additional financing for the development includes $14.3 million equity in 9 percent low-income housing tax credits along with $2.5 million funded by New York State Homes and Community Renewal through its Supportive Housing Opportunity Program. Enterprise Community Partners also provided a $1.8 million grant for the affordable project.
In July, KeyBank CDLI provided a $104.6 million financing package for two housing projects totaling 660 units in San Antonio. Both of The NRP Group’s developments will be rent-restricted.