Founded in 1990, Breaking Ground is the largest developer and manager of supportive housing in New York State. Breaking Ground has developed 13 projects through a mix of public and private financing. Over the years, our agency has established an exceptional demonstrated expertise in the marketing, lease-up, and ongoing quality assurance and compliance of apartments financed through the Inclusionary Housing Program (IHP) and Federal Low Income Housing Tax Credit (LIHTC) and benefiting from the City’s 421a tax abatement program. The organization owns and/or manages 18 buildings in New York and Connecticut with a combined total of over 3,300 units and has a development pipeline of nearly 1,000 more. Our work on all lease-up and compliance assignments has consistently been completed on schedule, on budget and without concern to either client or regulatory agency.
Each building is financed with a different mix of funding sources. As a result, Breaking Ground has experience working with the following agencies:
Capital Funders: US Department of Housing and Urban Development (HUD); Federal Home Loan Bank; NYC Department of Housing Preservation and Development (HPD); NYC Housing Development Corporation (HDC); NYS Homes and Community Renewal (HCR)/NYS Housing Finance Agency (HFA); NYS Office of Temporary and Disability Assistance (OTDA).
Tax Credit Syndicators & Investors: Boston Financial Investment Management; Hudson Housing Capital; JPMorgan Chase; Richman Housing Resources; and Wells Fargo Bank.
Inclusionary Housing Program
Breaking Ground has significant experience as an Administering Agent with the Inclusionary Housing Program at various stages.
- In 2014 we completed the rent up of 250 affordable units developed by the Gotham Organization in a four-building, 1,200 unit project on the west side of Manhattan. The building was financed partially through tax exempt bonds and participated in the Inclusionary Housing and 421a programs.
- In our capacity as Administering Agent we are currently in the marketing phase and/or are leasing units at six properties with a total of 621 units. All but one of these properties contains more than 50 units.
- We are also in the marketing phase and/or are leasing up of three additional properties that are not participating in the IHP. These sites have a combined total of 405 units.
- Further, excluding our own future developments, we are in contract to serve as the Administering Agent for an additional eight properties, four of which contain more than 50 units.
In the last three years, we passed the HPD/HDC sponsor review for 19 projects without delay to Owner.
Marketing & Lease Up:
- Create and implement marketing plans and advertising campaigns as required by regulatory agencies, including setting income and rent guidelines.
- Assemble, distribute and process tenant application materials.
- Outreach to public and local community groups and respond to inquiries.
- Develop and implement rental policies and procedures in accordance with the applicable LIHTC Qualified Allocation Plan, Fair Housing Law, and regulatory agreements.
- Coordinate and oversee housing lotteries.
- Calculate income/assets, conduct interviews and perform background checks.
- Operate and maintain a database for recording requests, tracking distribution, receipt and status of each application.
- Prepare leases and coordinate tenant move-ins.
- Provide reports and supporting documentation as required by investors and regulatory agencies.
Ongoing Quality Assurance & Compliance:
- Review new income certifications and leases to ensure tax credit compliance, including tracking next available unit rule and applicable fractions.
- Prepare and submit documents to auditors.
- Oversee annual New York State Department of Housing and Community Renewal (DHCR) registration, LIHTC and subsidy recertification and lease renewals.
Every fee for service dollar earned by Breaking Ground supports our not-for-profit initiatives aimed at developing and sustaining supportive and affordable housing for vulnerable New Yorkers.