Building Hope in
Manhattan
In an increasingly unaffordable neighborhood, community advocates fought for affordable housing. They won.
A rendering of the planned St. Emeric Redevelopment in Manhattan’s Lower East Side. Credit: SLCE Architects
THE CIRCUMSTANCES
Although Manhattan’s Lower East Side was historically affordable, high-end boutiques and luxury condominiums have displaced longtime residents. When the Archdiocese of New York put land up for sale, mission-driven developers CSC, Community Access, Duvernay & Brooks and Spatial Equity saw a rare opportunity to build critical affordable housing.
THE SHIFT
Needing to maximize land value, the Archdiocese issued an invitation-only RFP to a dozen of the city’s largest market-rate developers; mission-driven developers were not included. However, the local community insisted that at least 25% of the building be affordable, and CSC, Community Access, Duvernay & Brooks and Spatial Equity knew they could do better. The question was how to pay market rate for the property and make it 100% affordable.
THE RESULT
Luckily, they had the experience and determination to create a successful proposal — especially Community Access. “We started 50 years ago providing supportive housing on the Lower East Side. This project marks a return to our roots,” says Chris Lacovara, their Chief Financial Officer and General Counsel. Working together, the team crafted a creative two-phase acquisition strategy that the Archdiocese accepted. Moreover, harnessing a zoning bonus for supportive housing, they gained approval for 550 units — 20% more than originally scoped. As the largest new supportive housing project ever built in Manhattan, the development will stand as a symbol of resilience for Lower East Side community members.
The most important thing was BlueHub, CSH, Leviticus and Capital Impact Partners forming what I call the Justice League of CDFIs — all the superheroes coming together to do something that they had never really done before.”
By the
Numbers
