NYC Chalks Up $15M Affordable Housing Preservation Deal

One of the Glendale apartment buildings. Image courtesy of Enterprise

Publication: Multi-Housing News
By: Greg Isaacson

The New York City Acquisition Fund has provided a $15.1 million loan to acquire and preserve three apartment buildings in Queens as affordable housing, marking the city’s first deal under the Neighborhood Pillars Program that aims to safeguard the affordability of existing buildings.

The loan deal was coordinated by a roster of organizations, including the New York City Department of Housing Preservation and Development (HPD), in concert with privately held Rockabill Development. Rockabill will co-own the properties alongside Selfhelp Community Services, a not-for-profit organization that will provide services for older residents as they age in place and require assistance…

Click here to read the full press release online
Click here to read more about the project on our website