Rent-regulated properties get city-subsidized upgrades

The recently-opened New York office of Seattle-based Pacific Housing
Advisors is upgrading a pair of affordable housing complexes, but
unlike many boom-year investors, market-rate rent hikes are not in the
company’s plans. Through a deal with a slew of city agencies, Francine
Kellman, who is heading up the efforts at the Bronx’s Morris Heights
Mews and East Harlem’s Lexington Courts, won enough tax credits,
low-cost loans and other incentives to make the purchase of the
properties and their upgrades worthwhile without having to displace
low-income tenants. “We have a 40-year commitment to maintain the
property as affordable,” Kellman said. [NYDN]