KeyBank Community Development Lending and Investment (CDLI) has provided $16.3 million dollars for the development of Homeward – Central Harlem in New York City. The property will exclusively serve unhoused youth between the ages of 18 and 25, a vulnerable underserved demographic in New York City, in an LGBTQ-affirming community. The site is located at 15 West 118th Street and will consist of 51 units, of which 50 will be covered by New York City’s 15/15 Rental Assistance Program, in addition to one manager unit.
KeyBank provided a $12.8 million construction loan and $3.5 million permanent loan through Freddie Mac to Type A Projects and Azimuth Development Group to build the affordable multifamily housing property in Manhattan. Type A Projects is a women-owned business enterprise and real estate developer of affordable and supportive housing located in New York City. Azimuth Development Group is a full service development firm specializing in the construction of affordable and market rate housing.
“KeyBank has had a steadfast commitment helping the clients and communities we serve thrive,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are deeply committed to helping underserved populations and are proud to partner with Type A Projects and Azimuth Development Group to build new, safe and decent affordable housing in an environment that is affirming for the over 40% of homeless youth who self-identify as LGBTQ.”
Qualified residents will be referred through the Centralized Assessment and Placement System (CAPS) drawing young adults from both the Department of Homeless Services and the Department of Youth and Community Development’s Runaway & Homeless Youth Programs. Homeward NYC will become the beneficial owner after completion and will provide long term services to the residents.