National Equity Fund

Seaview Estates

Staten Island, NY

Jobs Created: 94
Jobs Year One: 385

Constructed in 1929 in Staten Island, NY, Seaview Estates resides near the Staten Island Ferry and was substantially renovated in 1999. With 316 multifamily apartments, 43 units are reserved for households earning no more than 70 percent of the Area Median Income (AMI), 150 units are restricted to 90 percent AMI, 88 units to 100 percent AMI, and 33 units to 120 percent AMI. There are 48 units reserved for eligible homeless tenants in need of emergency shelter.

Operating under the City of New York’s Article XI program, which encourages new construction and rehabilitation of affordable housing by Housing Development Fund Corporations. Supportive services will be provided by the Church Avenue Merchant Block Association (CAMBA). CAMBA helps individuals and families facing eviction remain in their homes to ensure children remain in the schools they already attend. A capital improvement plan started prior to the closing at $13,924 per unit and $2,895 per unit was set aside for improvements post-closing.

This development is sponsored by Iris Holdings Group, which specializes in acquisition, rehabilitation, and management of distressed real estate. Seaview Estates has been refinanced with a $75.7 million loan with a five-year term through NEF's Preservation Loan program.

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Iris Holdings Group
Property Manager:
Iris Holdings Group

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Miriam Apartments

Miriam Apartments

Chicago, IL

Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.  

In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage. 

Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity. 

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