Bronx, New York
The Neighborhood Association for Inter-Cultural Affairs (NAICA) is a small, community-based nonprofit organization that has provided a comprehensive range of services to residents of the Bronx since 1974, including social services, housing development and legal representation for tenants facing eviction or discriminatory housing practices.
Scope of Work
Alembic Community Development completed all aspects of development of this 73-unit new construction project for NAICA, an organization with some prior development experience, primarily limited to the construction of single-family homes. Alembic acquired the project site, identified the development team and structured project financing of approximately $20.1 million, including tax exempt bonds through New York City’s Housing Development Corporation (HDC).
The building provides affordable housing to low-income, working families, with 30% of the units set aside for formerly homeless individuals and families. In addition, it has approximately 6,000 square feet of community facility space currently occupied by a primary care health provider.
- Development of 73 units of housing affordable to individuals and families earning 60% of Area Median Income or less.
- Enhanced housing development capacity at NAICA, positioning the organization to undertake additional, larger scale development in the future.
- Improvement of an underutilized corner lot along a key commercial corridor in the Bathgate neighborhood of the Bronx.