The work of a public/private partnership, the new low-and very low-income senior community is being built by National Development of America LLC. Astoria Federal is providing a $3.3 million construction loan along with $1.3 million in permanent financing. The company also funded the development of the 72-unit Broadway West I, the predecessor to the new project located on the same site, which was completed in 1999.
The state is offering $5.7 of financing through the federal Low Income Housing Credit Program, which leverages private investments. Governor George E. Pataki notes, "Our state continues to provide affordable housing by harnessing the power of private initiative at the local level."
The Federal Home Loan Bank of New York also provided a "large grant" for the new senior complex, according to DelliBovi. Since 1990, the FHLBNY has advanced over $9.75 million to Long Island's community banks to help fund construction of 1,356 units of affordable housing with a total development value of $217 million.
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