Calvary Baptist Church

$47 Million

160-60 Claude Avenue, Jamaica NY

The development team of CB-Emmanuel (CBE), Calvary Baptist Church, and Richman Housing Resources LLC (the Low-Income Housing Tax Credit equity syndicator) in partnership with the New York State Homes and Community Renewal (HCR) and the New York City Department of Housing Preservation and Development (HPD), have recently begun construction on the project, which includes 100 units of deeply affordable housing – studios and one-bedroom units – for very low and low-income Seniors. Twenty (20) of the units will be set aside for formerly homeless individuals. Construction is expected to be completed in 2022. In addition to Low Income Housing Tax Credit equity, the project is being financed with 4% Tax Exempt Bonds issued by HCR as well as capital subsidy provided by the Housing Trust Fund Corporation acting by and through the Governor’s Office of Storm Recovery (GOSR). Chase provided the Letter of Credit.