Heritage Affordable Communities, a real estate development and preservation company specializing in the affordable housing sector, has acquired 242 Low-Income Housing Tax Credit (LIHTC) units spread across three buildings located in the Bronx, New York.
According to the company, the three buildings were constructed between 1998 and 2001 and, are regulated by an agreement with the New York City Housing and are regulated by an agreement with the New York City Housing Development Corporation that ensures the properties remain affordable for tenants earning up to 60% of the Area Median Income. Thirty-three units have been reserved for tenants referred by the New York State Office of Mental Health, with supportive services provided through a partnership with a non-profit organization.
Heritage Affordable Communities will be self-managing these properties through its affiliate property management company, Locust Cove Management.
“We are excited to expand our presence in the New York City affordable housing market with this acquisition,” said Alex Hajibay, principal at Heritage Affordable Communities. “Our collaboration with local non-profits and our hands-on management approach through Locust Cove Management ensures the long-term preservation of these units and reinforces our dedication to quality affordable housing.”
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