1993-1995

By 1993, PMHA took title to and fully renovated 21 vacant buildings in the cross subsidy program.  To complete this vital neighborhood preservation and redevelopment, the association secured $20.2 million in long-term forgivable loans from the City of New York.  90% of the residents of the association are low and moderate-income families earning between 50% and 80% of the area median income. The remaining 10% of the residents are formerly homeless families. Beyond providing long-term affordable housing, the association encourages the commercial revitalization of the Lower East Side by supplying the neighborhood with a series of affordable storefronts for local merchants.  The association’s properties are scattered throughout the neighborhood with buildings located as far south as Henry Street and as far west as First Avenue. The organization’s next development effort was the rehabilitation of a 30-unit building for very low-income families. Financed by a mix of municipal loans and low income housing tax credits, the project was completed in February of 1995.