Heritage Affordable Communities acquires 130-unit LIHTC Portfolio in East Harlem

East Harlem, NY Heritage Affordable Communities (HAC) has completed the acquisition of the Finite Cluster, a 130-unit affordable housing portfolio comprising 12 pre-war walk-up buildings. The acquisition ensures the long-term preservation of affordability for residents while reinforcing HAC’s commitment to stabilizing and strengthening New York City’s affordable housing stock.

The majority of residential units within the Finite Cluster are affordable to households earning up to 60% of Area Median Income (AMI), with several residents supported by Section 8 Housing Choice Vouchers. The portfolio operates under the Neighborhood Entrepreneurs Program (NEP), administered by the New York City Department of Housing Preservation and Development (HPD), with long-term affordability secured through an HPD regulatory agreement.

As part of the transaction, HAC assumed the existing Article XI tax exemption, which remains in effect through 2046, further reinforcing housing stability for residents and the surrounding community.

Originally constructed prior to World War II, the buildings were substantially rehabilitated in 1999 through the Low-Income Housing Tax Credit (LIHTC) program. This prior investment ensured the portfolio’s long-term physical viability while maintaining its affordability commitments.

In addition to its residential units, the Finite Cluster includes eight ground-floor commercial spaces located along high foot-traffic corridors in the neighborhood. 

These spaces contribute to neighborhood vitality, support local businesses, and enhance the long-term sustainability of the portfolio.

Following the acquisition, HAC is actively focused on improving day-to-day operations and stabilizing portfolio performance, with an emphasis on operational efficiency and resident experience. These efforts are being led by Locust Cove Management, HAC’s affiliated property management platform, which brings a hands-on, experienced approach to managing affordable and regulated housing throughout New York City.

“This acquisition reflects our mission to preserve affordable housing with integrity, creativity, and long-term impact,” said Alex Hajibay, principal of Heritage Affordable Communities. “We are committed to being a responsible steward of these homes while continuing to grow our presence in New York City’s affordable housing market.”

HAC remains highly active in New York City, with a robust and expanding pipeline of affordable and regulated housing acquisitions across all five boroughs.