Medicaid Savings Help Fund Bronx Supportive Housing
- Jun 16, 2015
New York—New York State Homes and Community Renewal, Volunteers of America-Greater NY and the Housing Collaborative LLC have completed Creston Avenue Residence in the Fordham section of the Bronx. Located at 2388 Creston Ave., the property is the first supportive housing residence funded with the State’s Medicaid Redesign Team (MRT) savings.
The building provides 66 affordable units for low-income residents and people with special needs, including veterans, who will benefit from support services. Volunteers of America-Greater New York provides these on-site social services.
Creston Avenue Residence offers 24-hour security, rooftop gardens, a recreation area for social interaction, community space for special events, and a bilingual TransitScreen, with real-time local transportation status updates. The development is expected to receive a LEED for Homes Platinum rating, with sustainable elements that include green roofs, a rainwater harvesting system, high efficiency boiler and Energy Star windows.
In 2011, New York Gov. Andrew Cuomo tasked the MRT with delivering taxpayer savings on Medicaid expenditures. The team managed to identify billions in savings over the past four years, and of that amount over $300 million has been invested in supportive housing. About $2.6 million of the funds went for the development of Creston Avenue Residence.
The development also received financing through New York State Homes and Community Renewal, including $11.4 million in bond financing; $8.8 million in Federal Low Income Housing Tax Credits; and $3.1 million in State Low Income Housing Tax Credits. Other state funding included a $4.6 million loan from the New York State Homeless Housing Assistance Program; and $89,000 in solar tax credits. The Federal Home Loan Bank provided a $680,000 loan.