The_Aspen

The Aspen

The New York City Housing Development Corporation's (HDC) innovative Mixed-Income Program, also known as 50/30/20, finances developments in which 20 percent of units are rented at affordable rates to low-income families, 30 percent are rented at affordable rates to middle-income families, and the remaining 50 percent are rented at market rates. The Aspen in East Harlem was developed through this program. HDC provided a $44 million first mortgage through the sale of tax-exempt bonds and financed a one-percent second mortgage in the amount of $2.75 million through its corporate reserves. A newly constructed seven-story building with 234 apartments and over 15,000 square feet of ground floor commercial space, The Aspen opened to residents in 2004. Amenities at The Aspen include a laundry facility, exercise room, game room, outdoor courtyard, and 110-car garage.

Location:	New York City (Manhattan), NY
Region:	Northeast
Renter/Owner:	Renter Only
Number of Units:	234
Target Population:	20 percent of units affordable to households with 50 percent or less of AMI, 30 percent of units affordable to households with 81-175 percent of AMI, 50 percent of units market-rate
Type:	Urban
Credits:	Courtesy of New York City Housing Development Corporation
Enabling Policies:	Use Housing Finance Agency Reserves for Affordable Homes Expand Use of the 4 Percent Low-Income Housing Tax Credit