THE ARKER COMPANIES BREAKS GROUND ON MULTIFAMILY PROPERTIES IN QUEENS

NEW YORK CITY — The Arker Companies, an affordable housing developer, has broken ground on two properties totaling 182 units in the Richmond Hills neighborhood in Queens in New York City. The projects are the 65-unit Richmond Hill Senior Living Residences and the 117-unit Richmond Place. Richmond Hill Senior Living Residences is a six-story, 62,500-square-foot property that will provide housing options for elderly residents with incomes below 60 percent of the area's median income. The project is being financed through 9 percent low-income housing credits and state low-income housing credits, which Bank of America will be collectively purchasing for $16.7 million. Bank of America is also providing a construction loan that will go toward the $20 million development cost. Richmond Place, a seven-story, 136,300-square-foot project, will include 13 studios, 28 one-bedrooms, 68 two-bedrooms and seven three-bedrooms. One-fifth of Richmond Place's units will be reserved for the homeless. Housing Development Corp. will issue $17.5 million in tax-exempt bonds for construction financing.