A New York City development that will serve young adults in an LGBTQ-affirming community has received critical financing.
KeyBank Community Development Lending and Investment (CDLI) announced that it is providing $16.3 million for the development of Homeward Central Harlem, which will serve unhoused individuals between 18 and 25 years old. Fifty of the 51 units will be covered by New York City’s 15/15 Rental Assistance Program.
KeyBank is providing a $12.8 million construction loan and a $3.5 million permanent loan through Freddie Mac to Type A Projects, a women-owned business enterprise and developer of affordable and supportive housing, and Azimuth Development Group, a full-service development firm specializing in the construction of affordable and market-rate housing.
The development is also receiving $14.3 million of low-income housing tax credit equity, $2.5 million of subsidy through New York State Homes and Community Renewal’s (HCR’s) Supportive Housing Opportunity Program, and a $1.8 million grant from Enterprise Community Partners.
“KeyBank has had a steadfast commitment helping the clients and communities we serve thrive,” said Rob Likes, national manager of the CDLI team. “We are deeply committed to helping underserved populations and are proud to partner with Type A Projects and Azimuth Development Group to build new, safe, and decent affordable housing in an environment that is affirming for the over 40% of homeless youth who self-identify as LGBTQ.”
Qualified residents will be referred through the Centralized Assessment and Placement System drawing young adults from both the Department of Homeless Services and the Department of Youth and Community Development’s Runaway & Homeless Youth Programs.
Homeward NYC will become the beneficial owner after completion and will provide long-term services to the residents.
“Supporting the work of organizations like Homeward NYC toward the creation of more equitable, supportive, and affordable housing for all New Yorkers is at the heart of every Type A Projects development,” said Annie Tirschwell, co-founder of Type A Projects. “Now more than ever, New York City needs stable housing and life-changing services particularly in LGBTQ-affirming spaces for vulnerable young adults. This project will be just such a place, and Type A could not be more proud to be a part of creating it. We are incredibly grateful to HCR, HPD [city Department of Housing Preservation and Development], and Enterprise Community Partners for their partnership on this project.”
“Azimuth is proud to be part of this transformative and important project,” said Peter Boboris, director of development for Azimuth. “We look forward to working with our partners to further our mission of providing much-needed housing to underserved and vulnerable New Yorkers.”
Eric Steinberg of KeyBank’s CDLI and Tabare Borbon of KeyBank Real Estate Capital’s Commercial Mortgage Group structured the financing.