Commitment to New York 

New York Investment, a commitment to excellence and leadership.

Raymond James Tax Credit Funds’ (RJTCF) is committed to being a leader in affordable housing in New York and providing our developer partners and investors with the highest level of expertise and execution. Our team members are valued added partners, experts on New York State and City housing programs, and focus on ease and efficiency of execution.

Demand for high-quality affordable housing far outpaces supply in New York, especially in the areas of supportive housing for populations in need (veterans, formerly homeless, physically and mentally impaired, and others). Over the past five years, RJTCF has invested over $750 million in properties in the State of New York representing thousands of units of affordable housing.

RJTCF is investing in affordable housing in New York through a variety of proprietary funds with single investors, as well as an RJTCF-managed multi-investor fund focused on metropolitan New York City which is bringing competitive equity to projects in the greater metro New York area. Already a regional leader, RJTCF is committed to further expanding our presence and increasing our investments in the State in the years to come.

Highlights of RJTCF's recent LIHTC properties in New York and activity in the industry

Upstate New York Projects

upstate new yorkNew York State is facing an unprecedented crisis in housing across the state. Three communities, Historic Pastures in Albany, Burton Towers in Newburgh and Watkins Glen are seeing the revitalization of their neighborhoods with affordable housing syndicated by Raymond James Tax Credit Funds, Inc. View this link from Citi Group to learn more about the projects.

Historic Pastures consisted of the rehabilitation of an existing scattered-site rental property located in Albany, NY. RJTCF invested $13.5 million of LIHTC equity for 246 residential units and 2,150 square feet of street-level retail space.

Burton Towers is located in Newburgh, NY. RJTCF invested $4.7 million of LIHTC equity for the rehabilitation of an existing 126-unit multifamily housing complex for seniors.

Watkins Glen consisted of the adaptive reuse of a middle school in Watkins Glen, NY which was converted into 51 units of housing for seniors. RJTCF invested $9.6 million of LIHTC equity in this 1930s building which is eligible for the National Registry of Historic Places.


Draper Hall Apartments

draper hall new yorkDraper Hall Apartments is located on First Avenue in Manhattan between 97th Street and 99th Street across the street from the Metropolitan Hospital. RJTCF invested $39 million in LIHTC equity for the project which consists of the gut rehabilitation and expansion of former dormitory housing for hospital staff. Once complete, the project will contain 203 units of affordable housing. The project is being developed by SKA Marin and was financed with tax exempt bonds as well as subsidy from the New York City Housing Development Corporation.

 

El Barrio’s Artspace PS109

el barrios new york

El Barrio’s Artspace PS109 consists of the historic rehabilitation and adaptive reuse of New York City’s public school 109 in East Harlem. RJTCF invested $37 million in LIHTC, and federal and state historic tax credits for the project. The school was originally built in the late 1800’s and is on the National Register of Historic Places. The project will create 90 units of affordable live/work space for artists, as well as space for community organizations.


Morris Court Apartments

morris apartments new york Morris Court Apartments is located in the Mott Haven neighborhood of the South Bronx. RJTCF invested $21 million of LIHTC equity in this mixed-income, mixed-use project consisting of the new construction of 201 residential units, approximately 30,000 square feet of ground floor commercial space and approximately 37,000 square feet of underground parking. Project financing consisted of tax-exempt bonds, funds from HPD’s Low-Income Affordable Marketplace Program, and other soft financing.

 

Fairport Apartments wins Project of the Year (Upstate Region)

fairport apartments new york Fairport Apartments, which was developed by Fairport Baptist Church and a for-profit developer and consisted of $9 million in LIHTC equity invested by RJTCF, was recognized at the NYSAFAH Awards for Excellence Reception on November 28, 2012. The project was named Upstate Project of the Year for its extensive renovation of a 1970’s Mitchell-Lama housing development consisting of thirteen two-story buildings, containing 140 units for the elderly, and a community center.

 

Orenstein Building

orenstein building new york The Orenstein Building is located in the Lower East Side of Manhattan just south of the Williamsburg Bridge. RJTCF invested $12 million in LIHTC equity for the rehabilitation of this 12-story building containing 128 units for seniors. The project, financed with tax-exempt bonds, is adjacent to the Bialystoker Synagogue and was owned by an affiliate of the Synagogue and the United Jewish Council (UJC) of the East Side. The UJC is a NFP that was formed in 1972 by the Jewish organizations on the Lower East Side of Manhattan. Its mission is to deliver quality services to the poor, the homeless, and the hungry in the neighborhood. The UJC collaborated with a local for profit developer to refinance and rehabilitate the building, which provided the UJC with funds to establish a large long term endowment from which to finance their social services program.



East 99th Street

east 99 street new york East 99th Street is located in Manhattan between First Avenue and Second Avenue across the street from the Metropolitan Hospital. RJTCF invested $21 million in LIHTC equity for the construction of this 176-unit project which will offer independent housing to former patients of the Coler-Goldwater Hospital, a long term care facility located on Roosevelt Island that is slated to close in late 2013. The project, which is being developed by SKA Marin, was financed with tax-exempt bonds, funds from HPD’s Division of Special Needs Housing and funds from New York State’s Medicaid Redesign Team (“MRT”). East 99th Street was the first affordable housing project in the City to utilize funds from the MRT which was established by Governor Cuomo in January 2011.

 

Teller Avenue

teller avenue new york Teller Avenue is located in the Concourse/Mount Eden neighborhood of the Bronx. RJTCF invested $4 million of LIHTC equity in the new construction of this 43-unit project designed for tenants living with severe and persistent mental illness. Tenants are referred from the New York State Office of Mental Health with 33% of the units being reserved for individuals utilizing New York/New York III Supportive Housing and the remaining units being reserved for high service needs clients. The project, financed with tax-exempt bonds and multiple sources of soft financing, is developed by Postgraduate Center for Mental Health, a non-profit organization that is a major provider of community-based mental health services, housing, job training and placement, and case management services in the New York City Region.



Cornerstone Elderly

cornerstone elderly new york Cornerstone Elderly is located in the Bedford Stuyvesant neighborhood of Brooklyn. RJTCF invested $9 million of LIHTC equity in the rehabilitation of this 151-unit property for seniors. The project, financed with tax-exempt bonds and multiple sources of soft financing, is co-developed by NFP affiliates of the Cornerstone Baptist Church and Cornerstone Support Services.

 

St. Michael’s Senior Housing

st michaels senior housing new york St. Michael’s Senior Housing is located in Amagansett, New York, a hamlet of the Town of East Hampton. Co-developed by St. Michael’s Lutheran Church and Windmill Housing Development Fund Company, RJTCF invested $4 million of LIHTC equity for the construction of this 41-unit project for seniors. The project was financed with tax-exempt bonds and multiple layers of soft financing, including the HUD Section 202 Supportive Housing for the Elderly Program.

 

Redwood Senior Housing

Redwood Senior Housing is located in the East New York Section of Brooklyn. RJTCF invested $9M of LIHTC equity for the construction of this 80-unit property for seniors. The project was financed with the HUD Section 202 Supportive Housing for the Elderly Program.


Other recent RJTCF closings in New York & the Northeast

  • $6 million in Spa Apartments, the rehabilitation of an historic building from 1892 that was previously converted into senior apartments in 1974. The project consists of 109 units for seniors in the Village of Clifton Springs, New York.
  • $5 million in equity in River’s Edge, a 32-unit new construction project in Laconia, New Hampshire.
  • $9 million in equity in The Mill at Middletown, the adaptive reuse of a hat and silk manufacturing facility from 1875 into a mixed-use development consisting of 42 residential apartments, community space and 1,550 square feet of retail space in Middletown, New York.
  • $6 million in Stadium Estates, a scattered site project consisting of the new construction of 45 affordable housing units across a mix of single family homes, duplexes and triplexes in the Josana neighborhood of Rochester, New York.
  • $14 million in equity in Woolworth Apartments, the rehabilitation and adaptive reuse of the historic F.W. Woolworth Department Store in Watertown, NY into 50 units of affordable housing and 11,000 square feet of ground floor retail space.
  • $14 million in equity in Ulster Gardens, an 82-unit new construction property in Ulster, New York. A portion of the units are set- aside for occupancy by tenants with developmental disabilities and/or mental illness.
  • $5 million in equity in Norwich Shoe Apartments, a 34-unit new construction project for families in Norwich, New York. A portion of the units will serve a special needs population including individuals with intellectual or developmental disabilities.
  • $10 million in equity in Highridge Gardens, the new construction of 74 units in Poughkeepsie, New York. Fifty of the units are set-aside for special needs tenants with psychiatric disabilities.
    $9 million in equity in Swan Pond Village, rehabilitation of 150 units for families in South Yarmouth, Massachusetts on Cape Cod.
  • $13 million in equity in Sunrise Gardens Apartments, a 78-unit new construction property in Wallkill, New York. A portion of the project will serve special needs populations including individuals with mental illness, physical disabilities, or psychiatric disabilities.
  • $18 million in Urban Transit Hub Tax Credits for the Somerset Street Residential Facility in New Brunswick, New Jersey. The project consists of the new construction of 238 residential units, four levels of parking, a health club and 8,800 square feet of retail space.
  • $4 million in equity in Intervale Senior Residences, new construction of 48 units for seniors in the Foxhurst neighborhood of the Bronx.
    $5 million in equity in Bayonne Transit-Oriented Workforce Housing, new construction of a mixed-use, 46-unit family project in Bayonne, New Jersey that is adjacent to the 45th Street Light Rail station.
  • $7 million in equity in 22 Tarrytown Workforce Housing, new construction of a 28-unit mixed-income project for families in Greenburgh, New York. A portion of the units are designated for formerly homeless, with preference given to veterans.

RJTCF projects in the news

Video Highlights

To learn more about opportunities in New York and the Northeast, contact Darryl Seavey, Managing Director of Northeast acquisitions, at 212.883.6550 or Darryl.Seavey@RaymondJames.com