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1193 Fulton Avenue, Bronx NY                                

1193 Fulton Avenue (Bronx, NY)                               

  •  Located in the Morrisania neighborhood of the Bronx, 1193 Fulton Avenue is a 25,489 S.F. affordable housing development with 25 residential units and six parking spaces

  • Construction 100% completed in May 2020 with TCO received and units pre-leased

  •  8 units for veterans (Section 8 vouchers), 12 low-income units (57% of AMI), and 4 moderate-income units (80% of AMI)

  • Additional project amenities include outdoor recreational areas, bicycle parking, laundry facility and on-site superintendent

  • Green initiatives including energy efficient boiler and HVAC systems, enhanced insulation and energy star appliances

  • Project funded with 9% Low Income Housing Tax Credits (LIHTCs), conventional mortgage financing (JP Morgan Chase) and support from NYC’s Department of Housing Preservation and Development (HPD)

  • Property tax abatement from NYC under the 420-c program

  • Co-developers Silver Wave Equities LLC (affiliated with Sorani Finance and Norsalin Real Estate) and Apex Building Group are certified MBEs (Minority-Owned Business Enterprises) 

2800 West Diamond Street, Philadelphia PA    (Currently in Development) 

        Philadelphia Affordable Housing Development for Seniors

2800 West Diamond Street (Philadelphia, PA )

  • ~50,000 S.F. development in Strawberry Mansion near Fairmount Park with 46 residential units, 23 parking spots and 16 bicycle spaces with Non-Profit development  partner, Mission First Housing Group

  • 5 units at 20% AMI, 19 units at 50% AMI, and 22 units at 60% AMI

  • ~9 fully-accessible units for seniors with disabilities (quantity TBD)

  • Additional project amenities include multi-purpose lounge, supportive services office/staffing, green roof and laundry facility Green-certified project meets Zero Energy Ready Home (ZERH) and Enterprise Green Communities (EGC) standards, including solar power readiness, efficient HVAC systems and energy star appliances

  • Overview of Project Financing  Project to be funded with 9% Low Income Housing Tax Credits (LIHTCs), conventional mortgage financing and multiple state (e.g., PHFA) and local (e.g., HTF) financing sources

  • Underwriting incl. project-based rental assistance payments (RAD)

  • Financing sources are preliminary and subject to change

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