Enterprise, HPD, Rockabill Development, and Selfhelp Community Services Announce $15 Million Deal to Acquire Unregulated Buildings to Preserve as Affordable Housing in Glendale, Queens, New York

Acquisition will preserve affordability of 72 homes through the Neighborhood Pillars Program

NEW YORK – April 23, 2019 – Enterprise Community Loan Fund, Inc. (ECLF), the New York City Department of Housing Preservation and Development (HPD), Rockabill Development (Rockabill) and Selfhelp Community Services (Selfhelp) today announced a $15,157,250 loan deal through the New York City Acquisition Fund to acquire three four-story apartment buildings in Glendale, Queens for preservation as affordable housing. This is the first acquisition to take place as part of the City’s recently launched Neighborhood Pillars Program, which helps community-based non-profits and mission-driven organizations acquire, rehabilitate, and preserve the affordability of homes at risk of becoming unaffordable to the families who rely on them. The new owner expects to close on HPD and HDC financing for renovations and to refinance the New York City Acquisition Fund bridge loan this summer…

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