NYC Housing Authority Closes on $214M Bronx Affordable Senior Development
It's the largest use to date of the city's Transfer of Assistance financing program.
The city of New York has closed on financing for Sol on Park, a $214 million, 229-unit affordable senior housing development in the Bronx. The development will be located in New York City Housing Authority’s Morris Houses campus, situated alongside its other two buildings.
A partnership between NYCHA, the Department of Housing Preservation and Development and the Housing Development Corp. is overseeing development of Sol on Park. The NRP Group, Selfhelp Realty Group and Foxy Management will provide construction and other services for the project, with move-ins slated for early 2029.
The project is also the largest use to date of the Transfer of Assistance program in New York, according to the city. The program is a HUD financing tool under which a housing authority can move housing subsidies between properties to effect affordability in a specific property.
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The development will include 80 apartments reserved for current NYCHA residents living at Morris I and II, the other buildings on the site. There will also be 68 supportive units for formerly homeless seniors, as well as 80 units available through the Housing Connect lottery for low- and middle-income seniors.
Sol on Park will feature a health-focused design and various on-site services, including partnerships with the Union Community Health Center and Green Bronx Machine’s National Health & Wellness Center. At Residents will have access to bicycle storage, laundry facilities, exercise rooms and computer labs. The community will also be built to LEED Platinum and Passive House standards.
New York City Affordable Housing Activity
In June, New York City implemented the next step of its Block by Block housing plan by creating the Supportive Preservation Program, a local incentive to aid in the preservation of supportive affordable housing units citywide. New York has about 39,000 such units.
The City broke ground on River Commons, a 328-unit, $255 million affordable community in the South Bronx. It’s expected to come online next yeear.
In Queens, Tishman Speyer’s TS Communities obtained a $214 million financing package for the construction of a fully affordable, 300-unit building in the borough. The project, called Edgemere Commons B2, is slated for completion in 2028.
