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Private
companies embarking on the development of affordable housing
can benefit from Westhab's 22 years of experience and expertise
in the field, in both building and operations.
Westhab works with private developers in both
formal joint ventures or in the capacity of development consultant
to lead the way through the maze of public funding options;
guide the selection of the program or combination of programs
best suited to the project; and submit applications for funding.
A joint venture with Westhab can provide private
developers with access to funding sources that are not available
to the private sector. For example:
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The New York State Affordable Housing Corp., which
provides up tp $40,000 per unit for homeownership projects,
including co-operative and condominium developments.
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The New York State Homeless Housing Assistance Corp,
which will provide 100% capital funding for the construction
of permanent housing units for formerly homeless families
in mixed income developments.
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The New York State Division of Housing and Community
Renewal, which:
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Must allocate at least 15% of its federal HOME program
($75,000/unit) annually to Community Housing Development
Organizations.
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Scores competitive applications for Housing Tax Credits
more favorably when the general partner is controlled
by a not-for-profit organization.
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Federal Home Bank which will provide up to $20,000
per unit for capital funding.
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US Dept of HUD which will provide up to $420,000
per project for capital funding.
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Commercial lenders who provide constructional permanent
loans to affordable housing projects.
Please click here for additional
information on Westhab's Housing Development Assistance
services.
For more information, please contact Robert
Sanborn, Vice President, Real Estate at 914-345-2800 or
at robert.sanborn@westhab.org
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