KBK Enterprises was selected as the fee-based developer for the 98 unit, 14 story facility located at 147th and Adam Clayton Powell in Harlem, NY. This is a project based Section 8 multi-family property for working class citizens of New York City. KBK Enterprises funded this project with tax exempt bonds with 4% Low Income Housing Tax Credits and an IRP Decoupling to further assist in the capitalization of the project. A conventional mortgage insurance enhanced product through New York City Housing Development Corporation and State of New York Mortgage Association was used for the construction and permanent loans. The property is owned by Churchill Housing Finance Development Corporation (CHFDC). CHFDC formerly 147th HDFC was formed by a group of school teachers who lobbied for the project to be built for working class families who worked and lived in Harlem, NY. This project was completed June 2009.