Completed Joint Venture Affordable Housing Development Projects

NEBHDCo has steadfastly built our real estate portfolio through the acquisition of distressed public properties and well-crafted joint-venture partnerships, the most extensive of which has been with The Arker Companies, a Long Island-based private builder/developer since 1949. In many of these deals, NEBHDCo has participated as a single-purpose Housing Development Fund Corporation (HDFC) of the nominal fee holder for the projects.  For example:

1. Spring Creek Gardens: Moderate-rehab of 582 units in East NY Brooklyn using 4% LIHTC and NYCHDC tax exempt bonds was completed in 2007

2. 2271 Washington Avenue Apartments: A 118-unit new construction project in the Bronx was financed with 4% LIHTC and HFA tax exempt bonds from HFA and completed in 2009

3. Bronx Park Apartments: New construction of 74 units in the Bronx, financed with 4% LIHTC and tax exempt bonds from NYCHDC was completed in 2009

4. Hewitt House Apartments: An 83-unit new construction project in the Bronx, financed through 4% LIHTC and NYCHDC tax exempt bonds was completed in 2010

5. Concord Court & Seaside Plaza: 430 units of moderate rehab in Staten Island financed through 4% LIHTC, tax-exempt bonds from NYCHDC were completed in December, 2011

6. Richmond Hill Senior Living Residences: 65 units of new construction in Richmond Hill, Queens is being financed through 9% NYS LIHTC is slated for completion in 2013

7. Richmond Place: 117 units of new construction in Richmond Hill, Queens is being financed with 4% LIHTC and tax exempt bonds from NYCHDC is scheduled to be completed in 2013

8. Rufus King Court: FY 2012 Funding application for NYS 9% LIHTC is being submitted for new construction of 65 units in Jamaica, Queens