BRONX, N.Y., Oct. 9, 2024 - Heritage Affordable Communities ("HAC") is proud to announce its recent acquisition of 242 Low-Income Housing Tax Credit (LIHTC) units spread across three buildings located in the Bronx, New York. This acquisition strengthens HAC's presence in the New York City affordable housing market and demonstrates the company's commitment to preserving affordability for communities in need.

The three buildings, constructed between 1998 and 2001, are regulated by an agreement with the New York City Housing Development Corporation, ensuring that the properties remain affordable for tenants earning up to 60% of the Area Median Income. Thirty-three units have been reserved for tenants referred by the New York State Office of Mental Health (NYSOMH), with supportive services provided through a partnership with a non-profit organization.

In addition to this acquisition, Heritage Affordable Communities will be self-managing these properties through its affiliate property management company, Locust Cove Management ("LCM"). Locust Cove Management is committed to working closely with current tenants to ensure a high level of service and to maintain the property in the best condition possible, reflecting HAC's dedication to fostering safe, comfortable, and well-maintained living environments.

"We are excited to expand our presence in the New York City affordable housing market with this acquisition," said Alex Hajibay, Principal at Heritage Affordable Communities. "Our collaboration with local non-profits and our hands-on management approach through Locust Cove Management ensures the long-term preservation of these units and reinforces our dedication to quality affordable housing."

This strategic acquisition aligns with Heritage Affordable Communities' mission to ensure that affordable housing options remain available and accessible to families and individuals in need. By working closely with local organizations, housing agencies, and its property management team, HAC continues to make a positive impact on the communities it serves.

For more information about Heritage Affordable Communities and their recent acquisition, please visit www.heritageaffordable.com

About Heritage Affordable Communities:

Heritage Affordable Communities ("HAC") is a privately owned real estate development and preservation company specializing in the affordable housing sector across the country. Since its inception, the firm has remained vigilant and opportunistic in the face of real estate market shifts. HAC is committed to ensuring the long-term viability of its projects, recognizing the significant impact of changing economic and legislative landscapes on the communities it serves.

SOURCE Heritage Affordable Communities