New Destiny Tops Out Bronx Supportive Housing
Some of the property's units will be reserved for survivors of domestic violence.
New Destiny Housing Corp. has topped out McLean Place, a 72-unit supportive housing project in New York City’s Bronx borough. Out of the total number of apartments, 43 will cater to survivors of domestic violence and their families.
The development team also includes Magnusson Architecture and Planning as the project’s designer and Penta Restoration Corporation as general contractor. Completion is expected in May 2027.
Upon delivery, McLean Place will comprise residences with studio, one-, two- and three-bedroom layouts. Shared amenities will include a community room with kitchen, library lounge, courtyard and fitness room.
Designed to achieve Passive House certification, the fully electric community will have a solar array pergola system. On-site supportive services will feature mental health counseling, case management and recreational activities.
McLean Place project financing
Financing for this project came from various public and private sources. The New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program provided $25 million, while Capital One issued a $14 million construction loan.
The New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program provided $9.7 million and Hudson Housing Capital syndicated $16 million in low-income housing tax credits. Additionally, the future community will receive funds from Section 8 project-based vouchers and the New York’s Empire State Supportive Housing Initiative.
NYC’s efforts to support affordable housing supply
Demand for affordable housing continues to outpace supply across the U.S. Over the past decade, the number of lower-rent units has declined, leading to rising costs for renters despite continued multifamily deliveries.
After years of housing affordability challenges, New York City is pursuing a new strategy to address the issue. The city will invest a total of $4 billion from its public pension funds into the affordable housing sector over the next four years, through a program known as the NYC Housing Investment Initiative. This effort to boost residential supply will expand the pension system’s existing housing investment.
Additionally, the city will invest $500 million in the Public Private Apartment Rehabilitation program, allowing developers and property managers to access money from the pension fund and repay at a fixed rate over 40 years.
