Alembic Community Development develops affordable and supportive housing and community facilities in partnership with service and community development organizations. We offer housing finance expertise, project management services and comprehensive real estate development capacity in collaborations that strengthen our community partners. Central to our development work is a belief in empowering community organizations through substantive participation in the development process and a meaningful stake in a project’s economic and ownership interests. Our work includes:
- Assisting in the identification and recruitment of development team members, including architects, lawyers, engineers, accountants and other project professionals;
- Preparing, revising and submitting applications for financing to local, State and Federal funding agencies;
- Preparing, revising and submitting applications to banks and tax credit syndicators;
- Completing and revising development and operating proformas;
- Coordinating all predevelopment work including: environmental assessments; schematic design and construction document development;
- Coordinating funding approvals, including negotiations with tax credit equity investors, banks and government agencies;
- Coordinating construction loan and equity closings; and
- Overseeing construction and project management.
D’Addario Residence, a 46-unit supportive housing project, in partnership with Providence House, for women coming out of the criminal justice system.
Washington Avenue, a 73-unit affordable housing project in the Bathgate neighborhood of the Bronx that includes 5,000 square feet of community facility space currently occupied by a primary care facility.
East 118th Street, a 75-unit project in East Harlem that combines tax-exempt bond financing, 4% Low Income Housing Tax credits and New York City subsidy programs to provide housing for low-income families.