Affordable Housing

Forsyth Street helps a wide spectrum of clients, both large and small, private and non-profit, to fully explore available options and to execute complicated financing transactions with multiple sources of debt, equity and subsidy for both preservation and new construction projects.  We provide our affordable housing clients with in-depth analyses of applicable regulations and financing programs, rigorous modeling of alternative financing structures, and guidance through the various stages of executing a project—from zoning and entitlement analysis to construction and permanent loan closing.

Selected Projects

West Farms

West Farms Square, Bronx NY

On behalf of West Farms Square HDFC, Forsyth Street arranged and structured the financing needed to accomplish the rehabilitation of 526 units in eight Bronx high-rises. The project combined a new $44.9 million tax-exempt bond first mortgage with $23.5 million Low Income Housing Tax Credit equity and $5.6 million in City subsidy to accomplish $42 million in capital repairs. The project brought together three Bronx-based community organizations to jointly own and manage this important affordable housing resource.


Associated Blind

Associated Blind, Manhattan NY

Forsyth Street advised the Board of Directors of the Associated Blind HDFC in securing a $64.8 million FHA-insured loan, a Section 8 rent-subsidy increase, and a new tax abatement from the City in order to undertake $37.5 million in rehabilitation to upgrade the aging facilities. In addition to enhancing the apartments and common areas in this Manhattan building for the visually impaired with advanced technology and responsive design, the project also incorporates extensive energy-efficiency improvements as part of a concerted Energy Reduction Plan.


Coney Island

Coney Island Commons, Brooklyn NY

Working with Coney Island Commons LLC, a joint venture of The Kretchmer Companies, ELH Mgmt. and Galaxy General Contracting Corp., Forsyth Street advised on the RFP submission and structured the financing needed to construct 195 units of new affordable rental housing in two buildings along with a 40,000 square foot YMCA, parking, and a landscaped roof terrace dedicated to recreational use by the tenants. The project combined HDC tax-exempt bond financing, HPD and HDC subsidy, LIHTC equity and Reso A dollars to complete the $58 million project on a formerly New York City owned site on Surf Avenue in Brooklyn.


Homeport Development

Homeport Development, Staten Island NY

On behalf of Ironstate Development, Forsyth Street arranged and structured the financing for a 571-unit mixed income “80/20” development on the site of the old U.S. Navy Homeport site in Staten Island.  The project was the first development financed under the New York State Housing Finance Agency’s new policy with regard to the utilization of Tax-Exempt Bond Volume Cap and involved the issuance of $23,700,000 in tax-exempt bonds combined with a $76,700,000 conventional construction loan from PNC Bank.  The $162,000,000 development will be the first newly constructed “80/20” development in Staten Island and it is the first phase of a planned new community on the formerly City-owned site that will ultimately contain nearly 1,000 apartments and 30,000 square feet of retail.
www.ironstate.net