New York, NY (March 2017) –
Basis Management Group is excited to announce that it recently funded a $1.02 million loan in partnership with the Economic Development Corporation of New York City under the newly established Emerging Developer Loan Fund. The loan was made to a minority- owned emerging developer to help finance the land acquisition and pre-development of 1193 Fulton Avenue. The Property, which is located in the Morrisania neighborhood of the Bronx, is currently blighted with an old and dangerous building that has been vacant for 20 years. The development of the site into a new, 6-story, 25-unit elevator building will greatly improve the immediate neighborhood.
Because the developer was awarded 9% low income housing credits, all of the units at the Property will be leased to tenants whose incomes do not exceed 60%-80% of area median income, filling a great need within the community for affordable housing. In addition, 8 of the 25 units have been set aside for previously homeless veterans under the HUD Section 8 VASH program.
The project will have a strong economic development component; creating approximately 40 minority jobs primarily in construction, but also several ongoing jobs at the property within the building. In addition, 5 of the 7 project team members are MWBE’s (in addition to the sponsor entities) and it is expected that approximately 30% of the sub-contractors will also be MWBE’s. In addition, the sponsor will implement New York State Energy Research and Development Authority energy efficient measures to create a green and sustainable project.