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Councilors say city will back South Side Renaissance LIHTC submission as deadline nears
Summary
Councilors and city staff said the city has championed the South Side Renaissance housing proposal and sent letters of support ahead of a low-income housing tax credit application due the next day; the project would create about 75 units in partnership with Saint Nick's Alliance and depend on New York housing finance awards.
Councilors and city housing staff said the city is supporting the South Side Renaissance housing project and has sent letters championing the proposal to state housing agencies ahead of a low-income housing tax credit application due the next day. The project, presented to the council as “South Side Renaissance,” would create about 75 residential units in mixed-use buildings and is now partnered with Saint Nick's Alliance.
The project matters because it is intended to add affordable housing to a corridor slated for future bus rapid transit and to leverage state housing finance awards. City officials described the development team as experienced and said the bulk of construction financing is expected to come from low-income housing tax credits…
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