Alembic, along with partners Harlem Dowling – West Side Center for Children and Family Services, and The Childrenâ€™s Village joined together to celebrate the start of construction on the Harlem Dowling affordable housing development. This 60-unit new development will be located at 2139 Adam Clayton Powell Jr. Blvd, in the Harlem neighborhood of Manhattan.
The development will be a ten-story residential building with a landscaped terrace, a lobby with two elevators, a residential lounge, and a laundry room.Â This development will include 59 low-income units affordable to households earning at or below 60 percent of the Area Median Income (AMI).Â The building will also include one additional unit for an onsite superintendent. All of the studios will be set aside for youth aging out of foster care. Â These 12 studio units for youth will be located on the 9th and 10th floors, with a residentâ€™s lounge intended to foster a communal environment.
The cellar and ground floor will consist of program and administrative space for Harlem Dowling and The Childrenâ€™s Village. This new development will serve as the headquarters for the organization Harlem Dowling, and will include a satellite office for The Childrenâ€™s Village. Both organizations focus on providing supportive services for youth aging out of foster care. Â Harlem Dowling was one of the first charitable institutions in the United States dedicated to children, and the very first to provide services to minority children. The organization continues to serve children and families in need.
Financed by the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC), this vacant formerly city-owned property is being transformed into affordable housing as one of the first deals financed under Mayor Bill de Blasioâ€™sÂ Housing New York: A Five-Borough, 10-Year Housing Plan.
The total development cost of the Harlem Dowling affordable housing development is approximately $26.7 million. HDC provided $12.8 million in tax-exempt bonds towards construction financing, and $990,000 in tax-exempt bonds towards permanent financing. HDC also provided $3.9 million in subsidy from its corporate reserves. HPD provided $11 million in 4% Low-Income Housing Tax Credits, $3.6 million in City Capital and $1 million in Reso A. Citi Community Capital provided $4.2 million of permanent financing toward the development of the program and administrative space, and will act as the lender. The New York State Energy Research and Development Authority (NYSERDA) provided $60,000 in financing. Richman Housing Resources will act as the tax credit syndicator.