Nonprofit Contributes to 1st-Ever AH Project

The New York Housing Development Corp. will contribute a $12.2 million tax-exempt bond toward the financing of the Clinton Parkway Apartments in Manhattan, a groundbreaking blend of housing priced for low- to middle-income homebuyers.The financing for the construction of the $19.4 million, 96-affordable-housing-unit development has been arranged in cooperation with the New York City Department of Housing Preservation and Development. In contrast to the city tradition of assigning 20% of newly constructed units to low-income households -- known as the 80/20 programs -- up to 70% of the Clinton units have been earmarked for households earning 40% to 60% of New York city's median income. The remaining 30% of the Clinton units will be offered to households earning at 165% of the city's median income. Additional financing for the project comes from federal Low-Income Housing Tax Credits, a 30-year real estate tax-exemption, land provided by New York City, and an equity contribution by the nonprofit Clinton Association for Renewed Environment.