Lexington Courts, a nine-building complex in East Harlem that had been in danger of foreclosure and subsequent conversion to market rate housing, has been acquired by Pacific Housing Advisors, a developer of affordable housing. The apartments in Lexington Courts will now remain affordable for tenants earning no more than 60% of the Area Median Income.
Melissa and other community leaders, including Tenant Association President Peggy Morales and Gus Rosado of El Barrio’s Operation Fightback, fought to make this rescue effort a reality for the hundreds of residents of Lexington Towers.
These physically-distressed properties will also be rehabilitated under financing provided by the NYC Housing Development Corporation (HDC) and the NYC Department of Housing Preservation and Development (HPD). Renovations and upgrades will include new elevators, roofs, windows, boilers, re-wiring and new bathrooms, among others.
For all apartments, rents will be unable to exceed 30% of tenants’ household income, through a federal Section 8 affordable housing contract.
New York City Council Member Melissa Mark-Viverito said, “Pacific Housing Advisors stepped in to launch the turnaround effort and ensure the preservation of this vital affordable housing in East Harlem. The Section 8 contracts alone will protect the lower rents for the hard working residents of Lexington Courts for at least the next 20 years. This responsible renovation is good for the families who live there, for the community and for the city.”