Two adjacent housing complexes totaling 182 units and located on a vacant, New York Stat-designated Brownfield Cleanup site, broke ground in Richmond Hill, Queens, on September 7. The two projects include the 65-unit Richmond Hill Senior Living Residences and the 117-unit Richmond Place. The Arker Companies, Floral Park, N.Y. is the developer on the combined $53.9 million project.
Richmond Hill Senior Living Residences, a six-story, 62,500-sq-ft building will provide housing for elderly residents with an income below 60% of the area’s median income. The project is being financed by a combination of Low-Income Housing Credits and State Low-Income Housing Credits through the New York State Homes & Community Renewal. Bank of America will be purchasing these credits for $16.7 million as well as providing a construction loan to the Arker Companies.