Heritage Affordable Communities acquires Claremont Park

Bronx, NY Heritage Affordable Communities (HAC) acquired Claremont Park, a 101-unit affordable housing property.

Originally developed in 2007 through the Low-Income Housing Tax Credit (LIHTC) program, this year 15 preservation transaction ensures continued stability and long-term affordability for residents.

With critical support from NYCHPD and HDC, HAC completed the acquisition and extended the property’s 420-c Tax Abatement. All units at Claremont Park will remain restricted at 60% of Area Median Income (AMI), supporting deep affordability for low- income families.

Consistent with HAC’s mission-driven approach, 30% of the units are set aside for formerly homeless households, with HAC committing to provide on-site social services for those residents. The firm has also agreed to a defined scope of capital improvements to ensure the property remains a high-quality, sustainable home for years to come.

The property will be managed by Locust Cove Management (LCM), HAC’s in-house property management company. LCM brings a hands-on, compliance-driven approach with a focus on resident care and operational innovation — including the use of AI-powered  tools to improve service delivery.

Claremont Park is part o HAC’s growing portfolio in New York City. The firm is currently in contract to acquire 515LIHTC units citywide, advancing its commitment to preserve and strengthen affordable housing across the five boroughs.