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Kingsland Commons Building 2
New Construction
East Williamsburg
89 Maspeth Avenue
310
homes
Program
ELLA
HDC’s New Construction term sheet facilitates the development of affordable housing, primarily for households earning up to 80% of New York City’s AMI. Within New Construction, the ELLA (Extremely Low & Low-Income Affordabilty) program ensures that 70-100% of the units financed are deeply affordable, made possible through the LIHTC program. Financing employs tax-exempt bonds, 4% tax credits, and Corporate reserves, with all projects subject to rent-restricting regulatory agreements.
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Images: Magnusson Architecture & Planning
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