Location: Yonkers, NY
Project Overview: 317 Units
Financing Type: 4% LIHTC Tax Exempt Bonds
Investor: Boston Financial and Citibank
Year of Aquisition: 2011
Deal Type: Section 8/236
Description: Located in Yonkers, NY, Crowell Towers is a Project Based Section 8 family apartment complex that is 100% affordable. Acquired in 2011, in a joint-venture between Silver Street Development, Metropolitan Realty Group, and Low Income Housing Corp., the property then underwent a $32,000,000 rehabilitation of its 317 units and parking structure. Preservation of this asset was accomplished through a tax exempt bond issue from the Yonkers IDA, Citibank and Boston Financial. The property is 100% occupied.