Erie Point
Overview
| Deal Type |
Low Income Housing Tax Credits Equity Capital Markets Construction |
|---|---|
| Size |
$10,400,000 Debt $8.27 Million Equity Rehab/Construction |
| Client & Transactional Partners |
Erie Point The Community Builders, Inc. |
Summary
Erie Point will be a redevelopment of eight sites to construct nine buildings with forty units of housing. The development will also include two playgrounds and a parking lot with 57 tenant parking spaces. Of the eight one-bedroom, six two-bedroom, and 26 three-bedroom units, 20 will be supported by an Empire State Supportive Housing Initiative award to provide supportive housing for survivors of domestic violence in households up to 50% of area median income (AMI). Eight units will serve households up to 30% AMI with a 20-year Project Based Section 8 contract, while the remaining 12 units will target households up to 60% AMI.
In addition to the equity investment by KCDC, Community Preservation Corporation is providing a permanent loan of $2.36 million and the project is receiving $2.9 million from a State of New York home loan, $900,000 from the Federal Housing Trust Fund, and sponsor capital of $476,000.
