AFFORDABLE HOUSING
Gotham has a century-long tradition of building housing in New York City for working families. As a pre-eminent builder-developer in the space, we have evolved with the ever-changing city, state and federal housing programs, delivering landmark projects through available programs such as:
- Low Income Housing Tax Credits
- 80/20
- 50/30/20
- Tax-Exempt Finance
- Cornerstone Homeownership
- Mitchell-Lama
- FHA/HUD financing (232, 202)
- J-51
Our long track record of success in creating homes for low, moderate, and middle income residents is driven by an understanding of the complex, changing dynamics of financing, regulatory and market environments in a competitive arena like New York City, enabling successful partnerships with public agencies, not-for-profits, other developers and land owners.
Gotham has built both dedicated Affordable projects, and, in more recent years, focused on large scale, mixed income developments featuring both Affordable Housing and Market Rate rentals.
Notable highlights of Gotham’s successful history developing and constructing affordable housing include:
- Mitchell Lama projects including pioneering some of the program’s first developments at Mayflower Terrace (1963), Tower Gardens (1961), and Bronx Park East (1962)
- 244 Madison Avenue (1978), one of the first conversions of a former commercial building into apartments utilizing the J-51 program
- Turnkey development and construction for NYCHA including New Lane Shore Apartments (1984)
- 80/20 projects including pioneering the program at Key West (1987), Westmont (1987), New Gotham (1998), The Foundry (2001), Atlas New York (2002), The Nicole (2004)
- Port Washington School Conversion (1990), a historic renovation and adaptive re-use of a school house into affordable senior housing
- DAMP Rehab Program (1996), and NOW Program (1996), for acquisition-rehab and affordable projects through NYC housing programs
- Cornerstone Homeownership buildings including The Langston condominium (2005), and The Hamilton co-operative (2003)
- Gotham West (2013), one of the first and largest 50-30-20 developments that helped to transform a city block on the Far West Side
- The Ashland (2016), a mixed-income residential tower in partnership with city rezoning in the Brooklyn Cultural District
Gotham’s team has collectively developed and built dozens of residential buildings including thousands of mixed income and affordable housing residences. The team has deep experience in a multitude of programs and strategies to create affordable housing ranging from utilization of capital subsidies, public private partnerships, inclusionary housing, renovations and preservation of historic buildings, to new construction on public or private land. The team is skilled in complex financial structures including the use of tax exempt finance, tax credit syndications, real estate tax abatements/exemptions and leveraging federal, state, and city capital programs.
Following development and construction, Gotham’s property management division seamlessly transitions into ongoing building and community management for our affordable developments, operating vibrant communities in stable, financially successful buildings.
