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Partnership Reaches Construction Closing on Jamaica Affordable
CB-Emmanuel Realty, LLC and development partners Calvary Baptist Church of Jamaica and Richman Housing Resources recently announced the construction closing of Calvary Baptist Church Senior Housing, a 100% affordable residential development in Queens that will preserve 100 units of senior housing within the Jamaica neighborhood.
In addition to Low Income Housing Tax Credit equity syndicated by Richman, the project is being financed with 4% Tax-Exempt Bonds as well as capital subsidy provided by the Housing Trust Fund Corporation acting by and through the Governor’s Office of Storm Recovery. Chase provided the Letter of Credit.
“Calvary Baptist will have a positive impact in Jamaica by preserving affordable housing for seniors,” said Jane Silverman, executive director, Community Development Banking, Chase. “We’re pleased to have the opportunity to work with CB-Emmanuel, Calvary Baptist Church, and other key industry players in contributing towards the preservation of vibrant neighborhoods.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
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