2nd Street NE - Affordable Housing, Tax Credits
Current project: pre-renovation, developed by Building Partnerships as joint venture partner with E&G Group.
- 13 two-story brick buildings containing 4 units each for a total of 52 units
- Acquired by tenant coop in 2005 with DHCD acquisition funding
- Project languished for seven years; coop unable to obtain financing to rehab building
- Building Partnerships began work with coop in early 2012
- Successful application for 9% Tax Credit in mid-2012
- One of several buildings in the 2nd LIHTC pool
- Architectural and construction planning in process
- Full renovations planned
- Affordable rents with option to repurchase
- This project is in pre-construction stage of redevelopment.