Trinity Apartments, a 75-unit multifamily complex located at 2105 Daly Avenue in the Bronx was acquired by Preservation Development Partners in June 2011. The purchase was financed by $9.9 million in New Issue Bond Program (NIBP) bonds issued by The New York City Housing Development Corporation (HDC). An additional $5.3 million was raised through Low Income Housing Tax Credit Equity via Wells Fargo, credit enhanced by Freddie Mac through its Low Income Housing Tax Credit (LIHTC) Mod Rehab program. Preservation Development Partners completed a property rehabilitation valued at approximately $25,000 per unit, including new roofs, boilers, compactors, flooring, facade, and new kitchens and bathrooms. The five-story property comprises 23 one-bedroom units, 33 two-bedroom units, 9 three-bedroom units, 9 four-bedroom units, and one superintendent unit. Trinity Apartments provides housing for families earning 60 percent of the Area Median Income ($47,520 per year for a family of four). The building benefits from a Project Based Section 8 Contract (HAP Contract) which has been renewed for 20 years, thus preserving its affordable rent, while limiting the vacancy risk.