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New NYC Program Funds Queens Affordable Deal
Enterprise Community Loan Fund and its partners, including Rockabill Development and the New York City Department of Housing Preservation and Development, recently announced a $15,157,250 loan deal through the New York City Acquisition Fund. The loan will facilitate the acquisition of three apartment buildings in Glendale, Queens, with a mix of unregulated and rent-stabilized units, for preservation as affordable housing.
It’s 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 affordable units.
Rockabill, which has been involved in the preservation more than 10,000 traditional affordable units over the past decade, and Selfhelp Community Services will co-own the property and will be responsible for the financing and execution of the planned renovations, as well as long-term operations and regulatory compliance.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
