The Arker Companies completes financing for a 118-unit development on 2271 Washington Ave. - $34 million project

The Arker Companies, one of the top developers of affordable housing in New York State, has completed financing on a 118-unit development that will include 30 units set aside as supportive housing for the mentally disabled. The development is located at 2271 Washington Ave. and is expected to be completed in 2009. All 118 units are reserved for low and moderate-income households earning 60% or less of the area's median income. The $34 million project is receiving support from a number of public and private-sector sources: NYS's Housing Finance Agency is providing $18.2 million in tax-exempt bond financing and is issuing 4% low-income housing tax credits. The state's Office of Mental Health is taking leases on 30 units. The N.Y.C. Dept. of Housing Preservation and Development is providing financial assistance by issuing 421a negotiable certificates and through other financial instruments. Centerline Capital Group is providing $11.805 million through the sale of the HFA tax credits and Bank of America is assisting with a letter of credit in the amount of just over $18.374 million.