NYCEEC provided a $2,350,000 Predevelopment Loan to support the development of Timbale Terrace, a 100% affordable housing project in East Harlem. The project is being co-developed by Mega Group Development and Lantern Community Services. NYCEEC served as lead lender, funding 50% of the loan, with TruFund Financial Services, Inc. funding the remaining 50%. Partnering with co-lenders allows NYCEEC to significantly increase its impact per dollar invested and broaden the network of capital support available to impactful projects.

The loan will fund early-stage architectural, engineering, environmental, and sustainability consulting services. The building will feature an all-electric infrastructure with on-site solar installation. The development team is committed to constructing the project in line with Passive House Standards to improve tenant comfort and lower energy costs.

The project is expected to include 340 affordable units. 97 units will provide supportive housing for individuals with serious mental illness or substance use disorders (SMI/SUD) with services provided by Lantern Community Services. The remaining 243 affordable units have household income ranging from 30% to 70% of the Area Median Income.

Three open-air roofs and terraces are located on the 3rd, 8th, and 16th floors to provide space for community engagement, gardening, and active recreation. In addition to housing, the ground floor will host Casa Belongo, a performing arts and cultural center operated by the Afro Latin Jazz Alliance (ALJA), an organization dedicated to preserving the musical traditions of communities rooted in African, Latin, and Indigenous cultures.