4850 Convent Avenue Cluster ANCP

Where this stands

Four-building cluster in Manhattanville totaling 77 affordable residential co-op units, all receiving gut rehabs. 44 units for existing households, 31 for first-time outside homeowners via Housing Connect, 2 super units. Existing residents can purchase for $2,500 (or $250 under a purchase savings plan); outside residents priced at no more than 30% of household income at 80% AMI. Maintenance set to cover 110% of project expenses (~$1,191/month average). Section 8 or TABRA vouchers available. City capital ~$800,000/unit with no debt/interest for 40 years; acquisition subsidized to $1 per building ($4 total). Grants from NY State Affordable Housing Corporation and a state electrification 'ready' grant. Owner during rehab: Restoring Communities HDFC. Readiness training administered by UHAB. Total gut rehab including electrification, new building systems, elevators for aging population in Convent buildings. Relocation expected as early as December 2025 through February 2026; construction 18-24 months. Closing targeted October 2026. Representatives Asher Toporowski and Steven Reinrich; funding lender Enterprise Community Partners.

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