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An NDC of a different color.
NDC Corporate Equity Fund, LP is seeking an Asset Manager.
Long-Awaited on Long Island: Assisted-Living for Lower-Income Seniors
For the first time ever, Long Island has an assisted-living facility that meets a critical need for lower-income seniors: affordable long-term care in a new state-of-the-art facility constructed to meet the highest standards of safety and quality. The Medford Hamlet in Medford, NY, caters uniquely to seniors with incomes below 60% of area median - $40,000 for an individual and $46,000 for a couple. Unlike other similar facilities, residents cannot be evicted for financial reasons.
The result? “An assitsted-living facility combining high-quality, professional service with long-term affordability so residents can live in comfort and without any financial worries,” says Michael Benenson, Executive Director of The Medford Hamlet. “We’re extremely pleased that with the help and assistance of Suffolk County Social Services, the Suffolk County Industrial Development Agency and NDC, we have been able to achieve our goal.”
NDC Corporate Equity Fund (CEF) brought over $10 million in Low-Income Housing Tax Credit equity to the project. “Affordable housing is one of NDC’s most important missions. Providing it for the seniors at The Medford Hamlet is especially rewarding,” says NDC President Robert W. Davenport. “This innovative assisted-living facility makes it possible for area senior citizens to conitnue to be part of the community in a region where providing affordable housing is particularly challenging. NDC has invested more than $300 million of capital in affordable housing projects across the country. We are proud to welcome The Medford Hamlet to the NDC CEF portfolio.”
With well-appointed one and two-bedroom suites, tasteful décor, and luxurious amenities, The Medford Hamlet is designed to accommodate 200 residents in safety and comfort. Since late January 2009, over 80 people have qualified for residency and the applications continue to pour in.