BROOKLYN, N.Y.--(BUSINESS WIRE)--RiseBoro Community Partnership (“RiseBoro”), a leading nonprofit dedicated to community revitalization, and Blackstone (NYSE: BX), through its affordable housing portfolio company April Housing, today announced an agreement to restructure their partnership to preserve affordability at three multifamily properties totaling 190 units in Brooklyn, New York. This agreement resolves litigation between RiseBoro and the former limited partner, which Blackstone inherited in connection with a portfolio acquisition. Under the terms of the restructured agreement, RiseBoro will acquire a majority interest in the properties.
In order to support RiseBoro’s vital work within the Bushwick community in Brooklyn, Blackstone has committed to donate $1.2 million over 15 years to fund RiseBoro’s resident support services.
“RiseBoro and Blackstone share a commitment to preserving affordable housing and delivering residents the services that they need to thrive. We are pleased to have reached a resolution that puts residents first and ensures our communities will remain affordable for decades to come,” said Scott Short, CEO of RiseBoro. “Responsible investors play a critical role in our country’s affordable housing ecosystem and we are pleased to be establishing a new model for partnership among non-profit organizations and private investors.”
“We have been impressed by RiseBoro’s deep commitment as stewards of the communities they serve and we are proud to deepen our relationship for the benefit of residents. This agreement is another example of our commitment to maintain and expand affordable housing,” said Kathleen McCarthy, Global Co-Head of Blackstone Real Estate.
Alice Carr, CEO of April Housing, said, “We are thrilled to reach an agreement with RiseBoro that will allow us to further our shared mission of preserving affordable housing. We greatly value the expertise and dedication of the RiseBoro team, and we welcome the opportunity to provide them with resources to enhance their exceptional resident services program as we continue to work together to support residents and local communities.”
About April Housing
April Housing, a Blackstone Real Estate portfolio company, is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. Centered around best-in-class management services, April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. Further information is available at www.aprilhousing.com.
About RiseBoro Community Partnership
RiseBoro Community Partnership is a community development nonprofit that has been operating in all five boroughs of New York City for nearly five decades. RiseBoro uses a unique and holistic model to revitalize communities, with programs in housing, senior care, education, health and empowerment. Using affordable housing development as a foundation, RiseBoro’s approach helps unleash the potential of New York’s most vulnerable populations.