Lantern’s data-driven and evidence-based approach to building operations consistently achieves exceptional outcomes for tenants and properties. Our property management subsidiary, Arete Management, and our social services affiliate, Lantern Community Services, deliver a collaborative operations model resulting in a 99% housing stability rate for our tenants and an excellent record of financial and operational performance for each of our buildings.
Operations
We have successfully leased up 18 buildings, each featuring a diverse range of income, age, disability, and homelessness requirements.
Effective leasing and marketing is essential to a successful housing development. High occupancy rates are critical for each property’s financial performance. High occupancy rates allow us to keep families and individuals out of homeless shelters and off the streets. We maintain an occupancy rate of over 97% for our low-income apartments. For our non-HASA permanent supportive housing units, we maintain an occupancy rate of over 95%.
For our low-income units, we have successfully adhered to New York City Marketing and Housing Lottery requirements. We completed our most recent lease up—a 135 units building with 81 NY 15/15 supportive housing units—in only 6 months, 3 months ahead of schedule.
Our team provides comprehensive maintenance and asset management services for all 19 of our buildings, ensuring each property is kept in excellent condition both inside and out.
Our preventative maintenance strategy, supported by data-driven tools and technology, allows us to respond quickly to work orders, stay ahead of compliance issues, and address complex repair needs that arise from serving a high-needs population. This diligent approach to maintenance supports resident stability and regulatory compliance with HPD, DOB, FDNY and HQS standards. Preventative maintenance is essential for the long-term financial performance and sustainability of each building in our portfolio.
Lantern’s property management subsidiary, Arete Management, consistently meets and exceeds the requirements of our funding program, with a 100% Low Income Housing Tax Credit compliance record.
Our staff are routinely trained in tax credit compliance and fair housing guidelines, as well as client engagement. We implement coordinated intake systems to ensure all leasing decisions and tenant files are consistent with both LIHTC and rental assistance program regulations.
Our property management system has an exemplary record of successful programmatic and fiscal audits conducted by various government funding agencies and LIHTC investors. Lantern is a HPD Qualified Marketing Agent and Administering Agent.
Supportive Services
Lantern Community Services
Our social services subsidiary, Lantern Community Services, provides wraparound services within each Lantern building, with dedicates staff anchored within the home environment. With health and wellness, food and nutrition, employment and education, and arts and culture programs, Lantern Community Services ensures long-term successful residency.
