East Harlem Affordable Homes Bring Green Tech, Social Services
- Development closes on $223 million in financing, tax credits
- Sendero Verde to have 361 units in first phase, open in 2022
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When East Harlem’s newest affordable housing community opens, its tenants will range from the formerly homeless to those earning as much as 90% of the area’s median income, helping to ease the concerns of locals about gentrification.
Developers closed Thursday on $223 million in financing, including construction loans, grants from city agencies, a letter of credit from Bank of America and federal low-income and solar tax credits. The project -- called Sendero Verde, or “green path” -- will have energy-efficient technology, public gardens and access to onsite social services and even a school.