Phipps House Closes on Phase IV of Rockaway Village Affordable Housing Development

As reported in New York Real Estate Journal, Phipps Houses has closed on $116 million in construction financing for the fourth phase of its affordable housing project Rockaway Village in Far Rockaway, Queens. Phase IV will create two mid-rise buildings that provide 184 units of affordable housing for families earning between 30-70% of Area Median Income. Fifteen percent of the units will be set aside for formerly homeless residents. Financing for Phase IV was provided by the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation’s Extremely Low & Low-Income Affordability (ELLA) program along with a Letter of Credit from Citi. HSE served as deal counsel for Phipps Houses.