LANTERN ORGANIZATION
Lantern Organization (known as Lantern Group), established in 1997, a not for profit corporation participates in activities that strengthen New York City communities by, in part, increasing the supply of affordable housing. Lantern Organization works in concert with federal, state, and city housing and service agencies; Lantern Organization acts in parallel with community development organizations, housing advocates, services providers, and leaders in the field to achieve our common mission. Currently, 16 affordable and supportive housing projects, totaling upwards of 1,200 units, are under management; twelve of these are in full operation housing more that 1000 tenant families or individuals; four are in various stage of rehabilitation construction or predevelopment.
Activities:
- Assess the type of organization necessary for housing sponsorship
- Set up the ownership entity
- Site selection
- Selection of development team, including architect, attorney, mortgagee, contractor, investors, managing agent, social service providers
- Feasibility analysis
- Determine the marketing/outreach for projects
- Preparation of a financial package that brings the cost within the affordability of the market
- Identify subsidies to lower costs and rents
- Obtain mortgage financing
- Prepare documents for review by public agencies and financial institutions
- Liaison with government agencies
- Coordinate the work of the development team
- Obtain approvals of community boards, city, state, and federal governments
- Identify investors, if necessary
- Preparation of management plan and budget
- Obtain Supportive Service Contracts for building residents
The 3 Divisions of the Lantern Organization |
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Lantern Organization |
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