Organization Name: Community Capital Management, Inc.
Project Title: Harlem River Point
Project Location: East Harlem, NY (Manhattan)
Harlem River Point, built in 2012, is a mixed-use property and 100% affordable housing complex in a moderate-income census tract. The building’s connectivity to the neighborhood and its surroundings, with an aspect of the bridges and gateways, anchor it to this point on the Harlem River. This concept is carried through in the building design as seen in the integration of the community space with residential space, orientation of the building, entry points to the building, and vibrant open spaces for public and private use. Building amenities include a gym, laundry, bike storage, and playground. There is over 300,000 square feet of residences from studios to three bedroom units at three affordable housing incomes. The project was built to Enterprise Green Communities Criteria. Nearby transit includes Metro North and the 4, 5, 6 subway lines. The buildings offer commercial space including Early LIFE, a branch of Lutheran Social Services of New York that provides early childhood education experiences in center-based and home-based environments within NYC. CCM invested in a taxable municipal bond through NYC HDC that helped finance this project.
East Harlem, also known as Spanish Harlem or El Barrio, is a neighborhood of Upper Manhattan, New York City roughly encompassing the area north of the Upper East Side and East 96th Street up to roughly East 142nd Street east of Fifth Avenue to the East and Harlem Rivers. The neighborhood is one of the largest predominantly Latino communities in New York City, mostly made up of Puerto Ricans, as well as Dominican, Cuban and Mexican immigrants. East Harlem has historically suffered from many social issues, such as the highest jobless rate in New York City, teenage pregnancy, AIDS, drug abuse, homelessness, and an asthma rate five times the national average. One other big issue in the neighborhood is affordable housing. Harlem River Point offers 313 units of affordable housing in addition to a resident community room, bike storage, gym, and a beautiful courtyard with playground and seating. It is helping to revitalize the community, making the area a more affordable place to live.
CCM manages over $2.3 billion in impact/ESG investments. The firm's mission is to deliver superior risk-adjusted returns through investment strategies that contribute to positive environmental and social outcomes. The firm believes a fully integrated portfolio – one that includes environmental, social and governance (ESG) factors – can deliver strong financial performance while simultaneously having positive long-term economic and sustainable impact. Since 1998, CCM has invested $9.1 billion in impact initiatives nationwide on behalf of its clients.