819 Grand
819 Grand will serve formerly homeless individuals and senior citizens in an area where 25.2% of individuals live below the poverty line.
Loan Purpose: Acquisition and predevelopment
Project: Affordable senior rental housing
This project transforms a vacant site into a 213-unit affordable housing facility with first-floor commercial space. All 213 units will be affordable to those earning up to 60% AMI, with St. Nick’s Alliance to provide supportive services to tenants in 64 of the units.
Borrower: Williamsburg Court Housing Development Fund Corporation, a subsidiary of St. Nick’s Alliance, is a non-profit, community-based organization that assists and supports residents and housing developments. St. Nick’s Alliance was founded in 1975 and is a community-based organization that serves 17,000 people through affordable housing development, youth service, elder care, and workforce development.
Loan Details: Partners' work with Leviticus (lead lender) and Capital Impact Partners provides a $1,187,782 pari passu participation in a $6,627,826 acquisition and predevelopment loan supporting the acquisition and predevelopment funding related to the planned LIHTC affordable housing redevelopment.