Dance Organization Gets Permanent Home, Creates New Center, With Help of New Markets Credit
By Caitlin Jones
1 min read
Tax Credit Advisor, January 2011: The federal new markets tax credit is enabling the National Dance Institute to create a permanent home for itself and for a new educational and cultural center in a completed development in New York City. The development involved the rehabilitation of an historic former public school building into residential condominiums and community facility space.
PS90, located on West 148th Street in Manhattan, was developed by L+M Development Partners, Inc., and Harlem Congregations for Community Improvement, Inc., both of New York City. Completed last summer, the project involved the renovation of a 1905 Gothic style elementary school into 75 mixed-income condominiums and 18,000 square feet of community facility space. The school, vacant since its closure in 1970 during New York’s fiscal crisis, was conveyed by the city for the project for one dollar.
