Work-out acquisition and preservation of much-needed housing for low-income New Yorkers
CHV acquired Heritage Houses in July 2015 and stepped into the work-out deal to address the sustainability of this affordable housing asset. CHV recognized the restructuring of Heritage Houses as an opportunity for public and private funding partners to work with an established and capable nonprofit housing organization to ensure the long-term viability of much-needed affordable housing.
As majority owner, CHV has taken a very active role in the building’s operations and finances with Prestige Management. The building offers 40 total homes: 5 one-bedrooms and 35 two-bedrooms in East Harlem, Manhattan for households earning up to 60% Area Median Income (AMI).
