Carthage Advisors’ redevelopment of Canaan House was a major affordable housing preservation and modernization effort in East Harlem. The 147-unit Mitchell-Lama building has long provided stable housing for low- and moderate-income residents, and Carthage partnered with Hope Community to ensure the property remained affordable and financially sustainable.

The project centered on a sophisticated refinancing strategy, utilizing HUD’s Rental Assistance Demonstration (RAD) program along with tax-exempt bonds and 4% Low-Income Housing Tax Credits. This structure generated the capital needed to reinvest in the building while maintaining long-term affordability protections for residents.

Through this redevelopment, Canaan House underwent critical rehabilitation and building-wide upgrades, improving living conditions and long-term durability. The effort preserved a vital affordable housing asset in Harlem, supported neighborhood stability, and ensured the property would continue serving the community for generations to come.

Total Project Costs: $30MM