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Fannie Mae Makes Good on Its Affordable Housing Promises
Investing $26M toward New York-area construction
By Alcynna Lloyd, www.housingwire.com
Fannie Mae announced Thursday it will invest $26 million in low-income housing tax credit to finance the first phase of construction of the largest residential development in downtown Far Rockaway, New York.
Fannie Mae will back development through The Richman Group Affordable Housing Corporation, a Fannie Mae Low-Income Housing Tax Credit fund partner, according to a press release.
Several banks, including People’s United Bank, N.A. and Signature Bank, are also contributing to the development of the Queens-area residential building.
NYC Housing Development Corporation and NYC Department of Housing Preservation and Development are providing investments of tax-exempt bonds, allocation of the 4% low-income housing tax credits and low-cost loans, according to the company.
Development company Phipps House is expected to begin construction of the 457 residential unit in July 2018, aiming to complete the project in three years.
Part of the city's rezoning plan, the project aims to provide residents with affordable living spaces.
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