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Last year, using our subsidized fee-for-service model, LISC NYC provided consulting and technical support to local partners for two affordable housing preservation projects of significant scale and complexity.
The first of these projects is the rehabilitation of Kenmore Hall, a building in Manhattan’s Gramercy neighborhood comprising of 326 affordable units that provide permanent housing with on-site services to formerly homeless individuals. The rehabilitation is being led by Housing and Services, Inc., a New York City-based non-profit organization that has been working to end chronic homelessness and help those at risk of displacement through the development and operation of permanent supportive housing for over 27 years.
Services provided by LISC NYC included the analysis of regulatory, financing, rent, income, and housing requirements related to the project; evaluation of materials submitted to Housing and Services, Inc. by other project participants; advising on strategies for obtaining all applicable project financing; helping Housing and Services to move the project through the public approval process by participating in meetings with the NYC Department of Housing Preservation and Development (HPD);advocating on behalf of the project to help secure the support of city agencies; preparing the final project underwriting; and assisting with project management to ensure that all due diligence was met for the project closing.
In order to make it possible for LISC to provide this technical support at an affordable price, Capital One has generously provided grants to subsidize the overall cost of these services.
The project’s total development cost is expected to be approximately $24 million and will be financed by existing debt and HPD, including a $6.9 million settlement grant which was awarded to Housing and Services in March of 2016. The project closed in December 2016.
Joint Venture Between Hope Community, Monadnock Development LLC, and Notias Construction
LISC’s consulting services also assisted in the formation of a joint venture partnership involving the non-profit organization Hope Community, real estate developer Monadnock Development LLC, and general contractor Notias Construction. This partnership was formally established in October 2016 and will result in the preservation of 506 affordable units across 39 buildings in New York City. LISC NYC worked with Hope Community to develop a competitive process for selecting Monadnock and Notias through a tailored Request for Proposals (RFP). Technical assistance included analysis of the project’s regulatory requirements, feasibility analysis and related underwriting, strategies for obtaining all applicable project financing including an allocation of Low Income Housing Tax Credits, and help with moving the project through the public approval process by participating in meetings with HPD, HDC, and other relevant public agencies. Capital One once again provided financial support in order to make it feasible for LISC NYC to provide these services at an affordable rate.