News:
Owners Developers & Managers
Posted: October 4, 2016
Acacia Network breaks ground on $73 million affordable housing development
413 East 120th Street, East Harlem - Manhattan, NYManhattan, NY On September 22nd Acacia Network joined funding partners, city and state agency representatives, and elected officials to mark the start of construction on Acacia Gardens – a $73 million new 12-story, 179-unit affordable mixed-income housing development in East Harlem.
The first project under New York City’s new “Extremely Low and Low-Income Affordability” (ELLA) program, Acacia Gardens will include a community space, ground floor retail space and 30 parking spaces. A generous roof deck will include space to relax and activity space. The project is being designed to meet the requirements for certification by NYSERDA MPP, Enterprise Green Communities and LEED for Homes, as well as the New York City Department of Housing Preservation and Development’s Active Design Guidelines.
The $73 million project is being funded under HPD’s ELLA Program. HPD’s ELLA Program funds the new construction of low-income, multifamily rental projects with units that are affordable to households earning up to 60% ($54,360 for a family of four) of Area Median Income (AMI). Acacia Gardens is also one of the first projects to receive financing from the City’s Our Space Initiative. HPD’s Our Space Initiative funds the new construction of rental units affordable to formerly homeless households whose incomes are at or below 30% ($27,180 for a family of four) of the AMI.
Construction is expected to be complete in spring 2018. The architect is Magnusson Architecture and Planning, PC (MAP).
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