CDT Partner: ELH Mgmt. LLC
CDT Investment : $4,800,000
Evergreen-Tiebout-Walton are three properties in the Bronx, New York, with a combined 178 units. These pre-war, rent-stabilized properties had received minimal capital upgrades and improvements throughout their recent histories. Under CDT’s and ELH’s ownership, the properties will remain rent-stabilized and will be subject to additional long-term/permanent affordability restrictions under a new regulatory agreement with the City of New York’s Department of Housing Preservation and Development (HPD).
CDT’s investment ensures that these properties receive needed capital improvements and remain a stable source of quality affordable housing in the long term. CDT initially invested approximately $4.8 million into these partnerships. CDT and ELH acquired the properties in 2019 with acquisition loans provided by the Community Preservation Corporation (CPC), and the partnership anticipates closing into permanent agency financing with CPC. HPD was integral in facilitating the anticipated tax exemption and subsidy loan that will expand and extend the level of affordability. In aggregate, the financing will fund approximately $60,000 per unit of rehab that will substantially improve building systems including new roofs, façade repointing, new windows and entryways, plumbing and electrical upgrades, and interior apartment repairs. The properties will be affordable to families at or below an average of 56% AMI, 30% of total units will house formerly homeless individuals and families, and at least 50% of the units will remain affordable in perpetuity.