A Potential Model: Harlem Nonprofit and Major Developer Partner to Preserve Expired Tax Credit Properties
By Caitlin Jones
1 min read
A Potential Model: Harlem Nonprofit and Major Developer Partner to Preserve Expired Tax Credit Properties
By Caitlin Jones
0 min read
Tax Credit Advisor, August 2011: For the Harlem Congregations for Community Improvement, Inc., a Harlem, N.Y. nonprofit, a partnership with a major for-profit developer is providing the solution to upgrade and keep 14 apartment buildings affordable for years to come in a transaction that could serve as a model for preserving other expiring tax credit projects.
HCCI, formed in 1986 by 90 congregations of diverse faiths, provides affordable housing and social services for low-income residents in targeted parts of Harlem. Initially it focused on the Bradhurst area, a 40-square-block neighborhood in North Harlem that was once distressed and downtrodden but has swung to an upward tangent as the result of projects by HCCI and others. The group currently has about 4,000 housing units.
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