Strada Works with a NYC Non-Profit to Secure Rehabilitation Financing for Supportive Housing Project

Strada is proud to have worked with a NYC non-profit to close on rehabilitation financing in December 2024 for their supportive housing project.  The 74-unit project, located in East Harlem, secured millions of dollars in both private and public funding to undergo significant improvements, including a transition to a more energy efficient heating and hot water system, a roof replacement and substantial upgrades to the kitchen and bathroom within each apartment.  

The project was successful in securing an allocation of 50 Project-Based Vouchers from NYCHA to leverage private debt to finance the rehabilitation, but also to benefit long-term operations and maintain deep affordability levels for tenants.

Project financing sources include a Construction Loan and Permanent Loan from Merchants Capital, Capital Subsidy through HPD’s Year 15 Program, Reso A Funding and NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP) Incentives.