The Alembic Development Company (Alembic), the development affiliate of WCC, is dedicated to building the stock of affordable and supportive housing in low-income neighborhoods through an approach that is collaborative with and equitable to local communities.
Founded in 2005, Alembic plans, finances, and builds affordable and special needs housing and community facilities in collaboration with nonprofit organizations and residents. In particular, Alembic has unique expertise in providing development assistance to organizations with little or no experience in the field. In partnership with WCC, Alembic offers organizational development, community-based planning, and real estate development services that allow organizations to build the institutional foundations needed to create lasting contributions to their communities. Alembic’s specific development services include creating development and operating budgets, forming a development team, building community support, acquiring sites, securing financing, providing project management, and coordinating legal assistance, design review, and land use/zoning review.
Alembic and WCC have assisted in the development of over 1,100 units of affordable, special needs, and senior housing in urban and rural communities across the U.S.
Alembic’s operating and in-development projects include:
NEW YORK CITY
East Tremont and Washington Avenues, Bronx. Alembic developed and fully leased its first development, a 73-unit affordable housing property on East Tremont and Washington Avenues in the Bathgate neighborhood of central Bronx. Units target low-income families earning less than 60% of area median income. The project also includes nearly 5,000 square feet for a community facility. Project financing includes public and private sources including the NYC Housing Development Corporation’s (HDC) Low-Income Affordable Marketplace Program (LAMP) and Low-Income Housing Tax Credits (LIHTC).
East 118th Street, Harlem. Alembic developed and has fully leased the Friendly Hands Apartments in East Harlem, a 76-unit affordable housing development that includes 3,700 square feet of community space. Units target low-income families earning less than 60% of area median income. Project financing sources include NYC HDC LAMP, the Department of Housing Preservation and Development’s Mixed-Income Rental Program (MIRP), and LIHTC.
1854 Cedar Avenue, Morris Heights, Bronx. Alembic and Community Access are in construction on a 106-unit affordable and supportive housing property in the Bronx. The project also includes program space for the provision of social services to the tenants. All of the units will target low-income families earning less than 60% of area median income, and half of the units will be reserved for persons with mental illness referred by the New York State Office of Mental Health. The development is approximately 70% complete, with completion anticipated by February 2011.
Kosciuszko Street, Brooklyn. Alembic and Providence House have secured financing on a development of 46 supportive housing units with on-site services. The development will target employed, chronically homeless single adult women; chronically homeless families or families at serious risk of becoming chronically homeless; and employed, low-income single adult women. Supportive services include case management, employment training and job placement, money management and entitlement assistance and support groups. The development is financed with 9% LIHTCs and is scheduled to break ground in December 2010.
GULF COAST
Bethel Estates, Pass Christian, Mississippi. Alembic has partnered with Back Bay Mission to develop 32 affordable, for-sale homes on Lang Avenue in Pass Christian, a picturesque community devastated by Hurricane Katrina. Bethel Estates includes single-family and duplex units on four acres, and is the Gulf Coast’s first development under Smart Code, a new community planning system that promotes sustainability and protects small-town quality of life. All homes will be elevated and utilize energy efficient design, construction and appliances. Through a contract with the Mississippi Development Authority, Bethel Estates provides mortgage assistance that is coupled with a first mortgage for qualified homebuyers. Infrastructure is completed and model homes are near construction completion.
East Biloxi, Mississippi. Alembic has partnered with the Hope Community Development Agency to develop 10 for-sale homes on scattered sites in East Biloxi, a diverse and historic community rebuilding from Hurricane Katrina. The project also includes the rehabilitation of 33 storm-damaged homes throughout Harrison, Hancock, Jackson and Pearl River Counties. Beneficiaries receive financing subsidy through a contract with the Mississippi Development Authority. Construction began in spring 2010.
Alembic is also in pre-development on additional affordable housing and community facility projects in New York City, New Orleans and Mississippi.