LISC NY, Lemor Development Group, and Iris Community Development close $6.639 million construction loan

Manhattan, NY LISC NY has closed with Lemor Development Group and Iris Community Development on a construction loan that will help boost the transformation of four vacant formerly city-owned lots into attainable housing. The loan of $6,638,500, in addition to subsidy investment from the New York City Department of Housing Preservation & Development (HPD), will support the construction of 34 affordable homes on property located at 313 West 112^th St., 109 West 126^th St., 142 West 129^th St., and 136 West 137^th St. 

Located close to major transportation hubs and cultural staples like The Apollo Theater, Morningside Park, and northern Central Park, these projects leverage otherwise vacant and unused lots to incorporate more accessible housing options into one of the city’s most high-demand neighborhoods. The need for affordability in this area of the city remains a crucial factor in the larger housing landscape and socioeconomic outlook. 

“Harlem is one of New York’s most vibrant and culturally rich neighborhoods, but there still exists an intense need for more access to accessible living options,” said Valerie White, senior executive director of LISC NY. “This is why we are proud to support the transformation of these lots into nearly three dozen additional affordable homes. It is critical to transform vacant property and leverage underutilized city-owned properties to advance housing construction, and these projects are a testament to the community building that can still occur even in the most developed and highly populated areas of our city.” 

The buildings will be constructed under HPD’s New Construction Finance Program (NCP), which funds the new construction of 100% affordable multi-family rental projects in which 60%-100% of the units are at rents affordable to households earning up to 80% of Area Median Income (AMI). Sixteen units will be rented to households at or below 40% of AMI, and 18 will be rented to households at or below 70% of AMI. Additionally, 16 of these units will be Section 8 Project Based Voucher units.