November 21, 2016
November 21, 2016- NDC Corporate Equity Fund XII announced a LIHTC closing for the $7.2 million acquisition and rehabilitation of 40-units of affordable rental housing for Families in Gloversville, NY. Kingsborough Apartments was completed in partnership with The Gloversville Housing Authority.
There is a great demand for affordable family housing in Fulton County, NY. The project consists of one five-story building, after renovation the building will contain 12 one-bedroom and 28 two-bedroom apartments. Eight units are targeted towards residents at 30% AMHI, thirty units will be set aside for residents with incomes up to 50% AMHI and two units are priced at market rate.
NDC has a unique historic connection to the Kingsborough Apartment Building. In 1987 Daniel Marsh, current NDC Executive Vice President, was providing technical assistance to Fulton County. At that time the subject building had sat vacant since the mid-1960s. Marsh worked with Fulton County to determine best use for the empty building, and affordable housing was deemed its best use. NDC worked with the County and State of NY to find funding and in 1991 the vacant hotel was converted into affordable housing.
NDC is honored, once again, to be part of creating new life to the Kingsborough Apartment Building and looks forward to working with The Gloversville Housing Authority to complete the rehabilitation.