Abstract
The purpose of this study is to analyze Compass Residences Development, also known as West Farms Development, in Bronx. NYC as a case study focusing on the characteristics of business structure and financing methodologies for affordable housing development. The case, costing total of $350M, is considered as the most notable long-term phased development of affordable housings in NYC by utilizing abandoned post-industrial site and multi-layered financing from various governmental subsidies, which is mainly LIHTC in conjunction with Tax-Exempt Bond with various other financing programs. The study may provide suggestive implications possibly related to the new Public Rental Housing Provision Plan that Seoul Metropolitan City announced recently. Moreover, will contribute to diversifying methodologies applied at domestic public rental housing development.
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