The Belmont Venezia is a project-based Section 8 portfolio of buildings located in the Little Italy section of the Bronx. The portfolio consists of 177 affordable residential units. Upon acquisition, significant improvements were made to the building, including complete replacement of the roof, heating and hot water systems, and windows.

Belmont was acquired with a 15-year fixed rate Fannie Mae first mortgage in the amount of $15,767,000 and a second mortgage from the New York City the amount of $4,137,334. The development has an Article XI tax abatement in place that limits taxes to 7% of the Shelter Rent through January 2046. Project-based Section 8 rental subsidies are being provided by the Department of Housing and Urban Development (“HUD”) pursuant to a Housing Assistance Program (“HAP”) Contract renewed by the developer for 20 years.