by Northeastern Conference News and Adventist Review, courtesy Adventist Review
The City of New York in the United States has issued a temporary certificate of occupancy for the newly completed Northeastern Towers Annex. The 10-story building will provide 159 units of affordable housing for seniors aged 62 years and up. It consists of 100 one-bedroom units, 58 studio units, and one two-bedroom apartment for the superintendent.
The Northeastern Conference of Seventh-day Adventists (NEC) administration conceived the project due to a growing backlog of applications in the original Northeastern Towers building, with waiting lists of up to five years. The new facility is adjacent to the original 110-unit tower built nearly 40 years ago.
The US$90.6 million project was financed with federal, state, and local financing earmarked for subsidized senior housing. The New York City Housing Development Corporation issued US$50 million in tax-exempt bonds, while the Department of Housing Preservation and Development added US$13 million in local subsidies. Low-income-housing tax credits generated the rest.