Catholic Charities’ Bronx Project Secures $89M
Part of the financing comes from state funds earmarked for affordable housing.
Catholic Homes of New York has lined up $89 million in financing for the development, construction and support of St. Anslem Apartments, a 12-story, 126-unit affordable housing community in the Bronx. Rockabill secured the loans on behalf of the developer, the affordable housing-focused arm of the Catholic Charities of the Archdiocese of New York.
The loans consist of $47.4 million in construction financing provided by TD Bank, $39.2 million in Federal Low Income Housing Tax Credits, as well as $22.6 million from the New York State Housing Finance Agency. Part of the financing, $70.2 million, comes from a recently-announced $406 million financing endeavor provided by New York State Homes and Community Renewal. Alongside St. Anslem Apartments, the $406 million will go towards the development of four communities totaling 675 units across metro New York and Long Island.
Additionally, the project received an undisclosed amount from the Empire State Supportive Housing Initiative at the Office of Temporary and Disability Assistance to assist renters in supportive housing with rent payment. Richman Housing Resources served as the tax credit syndicator for the loans.
According to a report from New York YIMBY, the developers first filed permits for the project in March of 2022. ESKW is overseeing the project’s architectural development, while Mountco Construction and Development will provide contracting services.
The project will be constructed in the parking lot of the Church of St. Anslem & St. Roch, at 671 Tinton Ave. in the Bronx’s Mott Haven neighborhood. St. Anslem Apartments will designate 71 units for for renters earning 50 percent or less than the area median income, 25 units for households making 60 percent or less than AMI and 21 units for renters making 70 percent or less than AMI.
A further eight units within St. Anslem Apartments will be reserved as a supportive housing for households earning less than 40 percent AMI. Those units, intended for renters with a history of homelessness and for victims of domestic violence, will include counseling, education, child care, employment assistance and case management, as well as legal and medical referral services provided by Nazareth Housing.
Apartment interiors will include Energy Star-certified appliances, water and energy-efficient fixtures and heating systems, as well as LED lighting. Across the community, residents will have access to a library, community and laundry rooms, as well as a supportive services office. Additionally, the property will feature a rooftop solar system.
Situated at the intersection of Tinton Avenue and East 152nd St., St. Anslem Apartments will be surrounded by abundant education, employment, transportation and dining options. The Jackson Avenue Subway station, with access to both local and express lines and service to Midtown Manhattan and Brooklyn, sits 800 feet down 152nd St. from the property. Several public, private and charter schools are situated within a half-mile.
Solutions in the Empire State
In January, New York state was awarded north of $390 million in bonds for the construction and preservation of 1,600 affordable units, part of a five-year $25 billion plan.
At present, 28 percent of the state’s renters-by-necessity are classified as extremely low income, and there is a shortage of 655,940 units, according to data from the National Low Income Housing Coalition. The New York Housing Compact, a component of the Governor’s 2024 executive budget, calls for the construction of 800,000 affordable homes over the next decade.