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Nehemiah Spring Creek 26A
New Construction
East New York
860 Erskine Street
183
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: Bernheimer Architecture
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