Strada is excited to have successfully secured an award of eight Project-Based Section 8 vouchers through NYCHA's most recent Project-Based Voucher RFP. These vouchers will support a scattered-site project in Northern Manhattan, which is owned by a non-profit community-based organization. The vouchers will be a critical source of income, allowing the project to leverage private debt to complete a comprehensive rehabilitation while also stabilizing the project's financial position long-term. 

Strada is proud to have successfully assisted in the application for and award of 9% LIHTC credits through HCR's 2024 Multifamily Finance 9% LIHTC RFP. The funding will support the new construction of 80 units of supportive and affordable rental housing in a town in upstate New York owned by a non-profit based in Yonkers. 9% LIHTC credits are a scarce resource in affordable housing development, but are critical to making new construction projects like this one possible.

Strada is thrilled to announce the promotions of Colin Murphy and Evan Easterbrooks-Dick in 2024.

Colin Murphy was promoted to Director in March of 2024. Colin’s expertise in supportive housing has contributed to Strada’s growth in this sector of the industry.  He brings a wealth of knowledge and equally important, he brings patience and compassion to his work.  He is widely appreciated by his nonprofit supportive housing provider clients, who find his guidance and strong communication skills an asset to the process of educating their boards, finding and working with development partners and holding their hand through the development process.  Colin is a true advocate for his clients and supportive housing generally. 

 Colin is currently engaged in the development of approximately 1,100 units of new construction affordable housing in New York City spread across two supportive housing projects, two low-income housing projects, and one senior housing project. He is also currently engaged in the predevelopment process for the rehabilitation of an OMH Community Residence in Manhattan and an HDFC co-op in Brooklyn, New York. He has advised nonprofit organizations on investor exits for three upcoming Year 15 projects.

Evan Easterbrooks-Dick was promoted to Deputy Director in December of 2024. Evan’s help guiding both experienced and new developers has been invaluable.  His strong negotiating skills and ability to shepherd the process forward in a thoughtful way that engenders trust from all parties has been an asset to our clients.  Evan is also a gifted teacher who has taught countless affordable housing underwriting classes to a range of clients.  He brings his real-world experience and deep knowledge of underwriting to each session, making them engaging and lively.

Evan helped to lead the predevelopment process and underwriting for the rehabilitation of a supportive housing project in East Harlem and a homeless shelter in Lower Manhattan, both of which closed on financing at the end of 2024.  In addition to underwriting and development, Evan has performed a detailed asset management analysis of the affordable housing portfolio of a nonprofit client, providing key takeaways and recommendations.  He has led in-depth underwriting training series for multiple clients, including a non-profit affordable and senior housing developer and a collection of affordable housing practitioners through the Association for Neighborhood and Housing Development (ANHD).

Colin and Evan bring a wealth of experience and passion for affordable and supportive housing. We congratulate them both on their promotions.  We look forward to their continued growth at Strada and their contributions to the industry.

Strada is excited to announce that Avery Dement, a Strada Senior Project Manager, has joined the Board of New York Housing Conference’s Rising Leaders Network. As a Board Member, she will work to advance the RLN’s mission to support emerging professionals and the next generation of talented leaders to ensure affordable housing in New York remains strong and vital for the future.

Strada is proud to have successfully applied for and received awards from the HCR Small Rental Development Initiative (SRDI) and the Federal Home Loan Bank (FHLB) of NY’s Affordable Housing Program (AHP). This funding supports the substantial rehabilitation of six units of affordable rental housing owned by a non-profit in Brooklyn. SRDI is HCR’s program designed to provide competitive grant funding to small projects under 25 units. AHP is FHLB’s competitive grant funding program that supports the rehabilitation and new construction of affordable housing across the country and in US territories. Together, these funding sources help make a small project like this one possible.

Strada is proud to have worked with a NYC non-profit to close on rehabilitation financing in December 2024 for their supportive housing project.  The 74-unit project, located in East Harlem, secured millions of dollars in both private and public funding to undergo significant improvements, including a transition to a more energy efficient heating and hot water system, a roof replacement and substantial upgrades to the kitchen and bathroom within each apartment.  

The project was successful in securing an allocation of 50 Project-Based Vouchers from NYCHA to leverage private debt to finance the rehabilitation, but also to benefit long-term operations and maintain deep affordability levels for tenants.

Project financing sources include a Construction Loan and Permanent Loan from Merchants Capital, Capital Subsidy through HPD’s Year 15 Program, Reso A Funding and NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP) Incentives.

Strada is proud to have worked on the closing of a $60 million scattered site tenant-in-place rehabilitation project for a Brooklyn-based non-profit developer. The project consists of 102 units across 12 buildings and includes the substantial rehab of a former cluster site that was acquired by the City of New York in 2019 and transferred to responsible non-profit ownership. This building is now permanently affordable housing with a 50% homeless set aside and it will share on-site social services with its neighboring building, which has a 60% homeless set aside. A joint social service space and laundry facility will be built out to benefit residents of both buildings.

Four buildings in the project are participating in HPD/NYSERDA's Electrification Pilot Program, which helps to fund the full electrification of the heating and domestic hot water systems. These buildings will also receive added insulation, new roofs, new windows, and air sealing to ensure the building envelopes are energy efficient. Residents will benefit from increased comfort in their units with electric heating and cooling and improved air quality with electric stoves.

Two other buildings in the project will undergo a net-zero energy retrofit funded in part by NYSERDA's RetrofitNY 2.0 program. The program was designed to offer grants to property owners with qualified buildings to achieve net zero energy or near-net zero energy retrofits of existing multifamily properties.

The project was also successfully awarded 13 NYCHA Project-Based Vouchers, which will significantly benefit the long-term operations of the buildings and preserve low affordability levels for tenants.

Other project funders include Local Initiatives Support Corp (LISC), HPD's Green Housing Preservation Program, HPD Resolution A, NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP), NYS Clean Heat, and NYSERDA Clean Energy Communities Program (CECP).

All buildings in the project have been pledged to the Joint Operating Entity New York City (JOE NYC), a non-profit entity that acquires and asset manages affordable multifamily properties on behalf of member non-profit Community Development Corporations with the mission to secure the long-term viability of non-profit run affordable housing and to make members more competitive in securing new affordable housing development opportunities.

Strada is happy to have assisted a New York City social service non-profit close a $15 million acquisition and predevelopment loan for the purchase of 245 Clarkson Ave, a parking lot in the Brooklyn neighborhood of Prospect Park – Lefferts Garden. The project, the first for this non-profit, will consist of the new construction of a 124-unit supportive housing development, offering essential services for youth aging out of foster care and individuals living with severe mental illness. The non-profit aims to provide much-needed onsite services in an accessible and meaningful way, provide early interventions to problems, and build relationships critical to their success.

In June 2024, Strada completed training 17 New York State affordable housing operators for Enterprise’s Asset Management University (AMU) 15-month training. AMU is Enterprise’s statewide initiative to help affordable housing operators more effectively manage their housing portfolios.  Housing organizations led by (BIPOC) Black, Indigenous, and other people of color were prioritized.  In those 15 months, Strada provided training and technical assistance to strengthen the internal operations and capacity of affordable housing owners and managers across New York State. We were honored to be chosen to lead this impactful work.

Strada is excited to announce the formation of Strada Development LLC, the company’s new housing subsidiary, as it takes on its first two projects. Partnered with Gilbane Development Company, Strada has closed on a $13 million acquisition loan for the purchase of 1931 Lafayette Ave., a parking lot in the Bronx neighborhood of Soundview. The project will consist of two 19-story buildings with over 400 affordable and supportive housing units, offering essential services for chronically unhoused individuals and affordable housing at various income levels. The project will also include commercial space and replacement parking. It is an honor to partner with the incredible Gilbane team, and we are grateful to the Low Income Investment Fund for its financial support. 

Strada’s founder and principal, Courtney Horwitz, was pleased to be a panelist on the Professionals in Affordable Housing: Development Consultants Roundtable at this year’s New York State Association for Affordable Housing (NYSAFAH) conference.  Held on May 16, 2024, Courtney joined Amy Chandra, Alexandria Hanson, Olusegun Obasanjo, and Catherine Townsend to provide insight as a Development Consultant in Affordable Housing.

In May 2024, Strada’s founder and Principal, Courtney Horwitz, served as co-chair of the 55th Fifth Avenue Committee (FAC) Annual Benefit and Awards Reception with Sam Marks, CEO of FJC. Under their leadership, the committee raised close to $300,000 — the largest amount of money ever raised at a FAC event. These crucial unrestricted funds support FAC’s work, serving thousands of New Yorkers each year through comprehensive programs advocating for economic, social, and racial justice for an inclusive city.

Courtney Horwitz (left) at the 55th FAC Annual Benefit

Across 9 projects, Strada applied for and was awarded 832/840 Section 8 Project-Based Vouchers (PBVs), HUD-funded rental assistance made available to affordable housing developers. These awards came from the New York City Housing Authority (NYCHA), the New York City Department of Housing Preservation & Development (HPD), and the Municipal Housing Authority for the City of Yonkers (MHACY). We’re pleased to assist these developers in their goal to create more affordable housing units in this city.

Strada Ventures LLC is proud to have assisted a for-profit BIPOC New York State development company close on their first two LIHTC transactions on their own, without a development partner.  The first project closed in December 2023 and consists of the new construction of a 6-story, 24-unit affordable development in the Melrose section of the Bronx.  Financing for the project came from a private loan from US Bank, HPD funding through the Neighborhood Construction Program (NCP), and a loan from the Federal Home Loan Bank of New York (FHLBNY).    

The second project — closed in 2023 — consists of rehabilitating a 5-building, 122-unit affordable preservation development in West Harlem.  Financing for the project came from a private loan from Webster Bank, an HPD Capital Subsidy, and a New York State Energy Research & Development Authority (NYSERDA) grant.

In 2023, Strada assisted an established mission-driven New York City non-profit [The Non-Profit] to apply for and successfully obtain a $9.7 million Homeless Housing Assistance Program (HHAP) award. The award will fund 72 affordable housing units.  Forty-three of the units will be designated for survivors of domestic violence, all of whom will have access to the services they need to rebuild their lives.

On the same project, Strada helped The Non-Profit apply for and successfully obtain a $1.9 million 9% federal low-income housing tax credit (LIHTC). Seventy-one (71) units will be occupied in compliance with LIHTC requirements. The project will be located in the Morrisania section of the Bronx and consists of a 14-story energy-efficient building with a social services suite, meeting room, computer room, kitchen, and large community room.

Strada assisted in closing a $19 million deal for a Manhattan based non-profit organization providing housing and a complete range of treatment for opioids and other substance use disorders for New Yorkers living with addiction. The 40-unit Single Residence Occupancy (SRO) project is a home for residents who struggle with addiction and are HIV-positive. All units are limited to households earning no more than 50% of the Area Median Income. On-site social services are provided by the nonprofit owner through a NYC Human Resource Administration HASA contract and a HUD Continuum of Care contract.

Construction financing includes a first mortgage from the Community Preservation Corporation and capital subsidy from HPD’s Year 15 Program. The project will also benefit from NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP) grant funds to improve energy efficiency and resident comfort. The existing Moderate Rehabilitation SRO HAP contract was converted into a long-term, 20-year PBV HAP contract; a RAD conversion was completed to secure this long-term rental subsidy contract. The project also received a regulatory agreement from HPD that preserves affordability for at least 60 years. The regulatory agreement includes a provision to allow the owner to maximize rent collection from the new PBV HAP contract through Section 610 of the Private Housing Finance Law.

Strada Ventures LLC is thrilled to announce the hiring of two new employees last month. 

Avery Dement joins the Strada team as a Senior Project Manager after working at the Low Income Investment Fund (LIIF) as an Underwriter.  Prior to LIIF, Avery held multiple roles during her three-year tenure at the New York City Department of Housing Preservation and Development (HPD), including most recently Director of the Moderate Rehabilitation and Stabilization Loan Programs.  During her time at HPD, Avery managed a pipeline of over 80 projects.

Alex Charnov joins the Strada team as an Assistant Project Manager after working for Frolic, an affordable housing development company based in Seattle.  He also recently held research positions at the Federal Reserve Bank of Philadelphia and the Housing Initiative at Penn. At the Federal Reserve Bank, Alex studied the impact of tangled titles on generational wealth for Black Philadelphians.

Avery and Alex bring a wealth of experience and passion for affordable housing.  We are proud to have them at Strada. 

After receiving approval by the NYC Department of Small Business Services as a New York City Woman-owned Business Enterprise in 2020, Strada is pleased to obtain the comparable certification from The Empire State Development’s Division of Minority and Women’s Business Development as a New York State certified Women Business Enterprise in March 2023.

Courtney Horwitz from Strada Ventures LLC was pleased to be a panelist at this year’s 2023 New York State Association For Affordable Housing Annual Conference, held on May 18, 2023.  Courtney joined Emily Lehman, Todd Gomez, Niall Murray and Ralph Fasano to discuss Innovative Solutions to Finance Affordable Housing.

Colin Murphy, a Deputy Director at Strada, was invited to sit on an Enterprise Community Partners Panel, on May 24, 2023. Enterprise invited faith leaders to their first, in person public event since the expansion of the Faith-Based Development Initiative in New York. The event addressed how faith-based organizations balance their development priorities: the legacy grounded in faith, the mission to create affordable housing and oftentimes new space for community programs and ministry, and the opportunity to build organizational and community wealth.

Colin, along with his esteemed co-panelists, discussed how faith based organizations and their partners are navigating complex issues as they reimagine property owned by houses of worship for community benefit.