NSIIF Advances Affordable Housing with New Closings in New York City and Irving, Texas

LISC Fund Management is proud to share the recent closings of two impactful investments supported by the National Strategic Investments Impact Fund (NSIIF), projects that reflect a continued commitment to expanding housing access, strengthening communities, and advancing long-term affordability across diverse markets.

Transforming the Stewart Hotel into Permanent Supportive Housing in Midtown Manhattan

In New York City, NSIIF has supported the closing of a transformative investment that will convert the historic Stewart Hotel into approximately 579 units of permanent supportive housing with on-site services.

Located directly across from Penn Station and Madison Square Garden, the 28-story building will be reimagined to serve New Yorkers most in need. Once complete, 50% of the homes will be reserved for formerly homeless residents, with the remaining units affordable to households earning up to 60% of Area Median Income (AMI), bringing deeply affordable housing to one of the most central locations in the city.

The investment was led by the Low Income Investment Fund (LIIF) and made by NSIIF alongside the Corporation for Supportive Housing (CSH). The financing supports the acquisition of the property and the pursuit of a 4% Low-Income Housing Tax Credit (LIHTC) allocation as part of a broader capital stack that includes City, State, and private sources.

The project is sponsored by Slate Property Group and Breaking Ground, two experienced New York City–based organizations with strong track records in multifamily development and permanent supportive housing. Their leadership positions this project to deliver meaningful, long-term impact for hundreds of individuals and families.

Preserving Affordability and Stability at Envoy64 Apartments in Irving, Texas

NSIIF has also supported the closing of a new investment in Envoy64 Apartments, a 111-unit affordable housing development in Irving, Texas. Backed by a $6.4 million acquisition loan from NSIIF, the project represents a commitment to both neighborhood reinvestment and resident stability.

Envoy64 will replace an aging apartment complex with a newly constructed community that will be 100% affordable to families earning between 30% and 80% AMI. Importantly, current residents will receive relocation assistance and have priority to return once construction is complete, helping ensure continuity and minimizing displacement for families who already call the community home.

The project is sponsored by O-SDA Holdings, a Texas-based developer with a strong track record in delivering sustainable, affordable housing. In addition to quality new homes, residents will benefit from on-site supportive services delivered in partnership with local nonprofits, including health and nutrition programming, tax preparation assistance, and community-building initiatives.

Together, these two closings demonstrate the breadth of NSIIF’s impact, from large-scale supportive housing in the heart of New York City to deeply affordable, community-centered development in North Texas. Each project reflects a shared commitment to housing solutions that promote stability, dignity, and opportunity, while supporting residents and neighborhoods for the long term.

We’re proud to help advance investments that meet urgent housing needs and contribute to stronger, more equitable communities.