The project was financed by Related Capital Company, Related's financial services division, through the sale of low-income housing tax credits. As an incentive to encourage private investment in low-income housing, the Internal Revenue Code allows individuals and corporations to use such credits to offset federal income tax liability. The tax credits were acquired by a group of financial institutions. Related pioneered the concept of converting failed market rate properties, produced as the result of an over-heated real estate market in the late 1980s, into quality supportive housing in the 1990s. Many apartments have spectacular views and terraces.
Some apartments have a shared bathroom, others have private baths.
In addition to shared apartments, there are 27 one-bedroom units. One bedroom vacancies are prioritized to persons with specialized medical needs. In addition, the Visiting Nurse Service of New York provides on-site evaluations to determine the individual medical needs of residents and arranges for all services and treatments. Eligibility for the building is based on federal guidelines under the Internal Revenue Service Federal Tax Credit Program. We do accept most forms of rental subsidies.