Affordable Housing Lending & Development

UNHP works as a developer, community-based lender, and technical assistance provider to create and preserve affordable housing.

UNHP oversees affordable housing buildings in our community and works to ensure the properties provide decent affordable housing for the households who call these multifamily buildings home. UNHP works towards this goal through financial restructuring, ongoing maintenance and renovations as well as energy savings upgrades and improvements.

In 2009, UNHP oversaw the renovation of a 119 unit low-income senior citizen residence adjacent to the Fordham University campus known as Rose Hill Apartments. In 2011-12 UNHP partnered with Fordham Bedford Housing Corporation to acquire and renovate an eight building, 526 unit Section 8 affordable housing complex called West Farms. The extensive green renovations at West Farms include new boilers, bathrooms, kitchens and public areas. West Farms was featured by the Daily News in 2012 as one of the best affordable places to live in NYC.

Another way we work to create and preserve affordable housing is by lending no and low interest loans to local affordable housing initiatives from our community development loan funds. In 1988 when we began lending, UNHP’s loan funds were used to finance building acquisitions. UNHP can no longer fund acquisitions as sales prices have increased dramatically, but our funds have been used to support soft costs, finance gaps in acquisitions, provide non-profit equity and fund renovations to affordable housing projects. In 2007, UNHP provided $400,000 on bridge equity financing and loan packaging assistance toFordham Bedford Housing Corporation towards the purchase of 6 multifamily properties with 286 units. The project was the first to utilize NYC’s award winning Acquisition Loan Fund. Between 2009 and 2012, UNHP lent pre-development funds for the Rose Hill, Serviam Gardens and West Farms Projects helping to create and preserve over 800 units of affordable housing.

In addition to acquisition and predevelopment financing, UNHP lends money towards renovations that result in savings to the buildings through our Green Loan Fund. UNHP has used Green Loans to fund roof replacements, boiler repair and other work that reduces operating costs and saves energy. In our 30th Anniversary Year, we lent our 70th Green Loan to help lower water costs in two low-income housing projects. Working relationships with the Association for Energy Affordability and the NWBCCC Weatherization Program have helped bolster our ongoing efforts to maintain community-owned Bronx buildings, save energy and preserve affordability.

Accomplishments

  1. Our community development loan funds have provided more than $5.9 million to preserve and improve affordable housing in the Bronx.
  2. UNHP provided three predevelopment loans to large scale affordable housing projects to create or improve 887 units of low income housing.
  3. UNHP has played the key role in the preservation, purchase and renovation of 69 multifamily buildings in the Northwest Bronx with over 3,000 units of affordable housing.

“Just because you're poor, doesn't mean you have to live in a mess. I treasure my home. When you have something nice, you should take care of it.”

— Yvonne Adorno, Tenant of West Farms Square