Rivoli House – Hempstead, NY
In January 1998, Ironburgh completed a 112-unit apartment house in Hempstead that was financed with Low Income Housing Tax Credits (LIHTC) and HOME grants from the Nassau County Deparment of Housing and the Village of Hempstead Community Development Agency. The building is located in downtown Hempstead and is considered the linchpin of the re-development of the area. The project is also unique, as we have installed a 9,000 square foot day-care and after-school tutoring center. The center is operated by Harbor Day Care, a not-for-profit corporation, which presently oversees the well being of 600 children in five centers. The Center is available free of charge to all residents.
Construction and permanent financing was provided by European American Bank (EAB) and Lehman Housing Capital syndicated our $18 million allotment of LIHTC. Lehman provided Ironburgh with a LIHTC syndication price of $0.70 per dollar. The LIHTC syndication proceeds were used to retire a majority of the construction loan.
Ironburgh has recently purchased additional land contiguous to this site to start phase II of this project. Rivoli House II will provide an additional 120-units of affordable housing. This project will also include a job-training center to be funded by Ironburgh and to supply trained workers to a predetermined job. We expect construction to being in October 1999.