Rents Stay Low for 506 East Harlem Apartments

The rents will stay low for another 30 years at 506 apartments in the East Harlem neighborhood of Manhattan. The refinance deal will provide millions to renovate the “Hope East of Fifth” portfolio of 39 fully-occupied buildings.

“The City is using all its tools to safeguard the affordability of East Harlem,” said Maria Torres-Springer, commissioner of the City’s Department of Housing Preservation and Development.

Developers Hope Communities, Notias Construction and Monadnock Development used a low-interest tax-exempt bond loan and equity from the sale of new, federal low-income housing tax credits to investor Raymond James Financial to refinance the apartments. In exchange for the government subsidies, the rents will remain affordable to low-income households.

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