NYC Moves Forward on $82M Affordable Project
- Jun 21, 2019
Affordable housing developer Bronx Pro Group has teamed up with a group of nonprofit and government entities in an $82 million deal to develop a 154-unit affordable apartment building for seniors in the Bronx, New York City.
Bronx Pro Group acquired the site at 1080 Washington Ave. in partnership with the United Methodist Church in December 2017. The developer is now working with Enterprise Housing Credit Investments LLC, New York State Homes and Community Renewal (HCR), the New York City Department of Housing Preservation and Development (HPD) and the Fortune Society to bring the 12-story building to fruition.
The site’s current structure is being demolished and construction is slated to begin later this year, with completion expected in fall 2021. Bronx Pro Group is handling the development, construction, and management of the property.
Supporting justice-involved seniors
Located in the borough’s Morrisania neighborhood, the property will include 57 studio units with supportive services for formerly homeless seniors who have been entangled in the justice system. The community will also provide 96 apartments, comprising 63 studios and 33 one-bedrooms, that will be marketed through NYC Housing Connect. All units will be earmarked for households earning no more than 50 percent of the area median income.
The development will be funded through $32 million in equity, syndicated by Enterprise through the federal Low-Income Housing Tax Credits (LIHTC) program, as well as $16 million in permanent tax-exempt bonds and $13.6 million in subsidy provided by New York State Homes and Community Renewal. The city’s HPD’s Senior Affordable Rental Apartments (SARA) program provided additional funding. New York State will fund supportive services at the community.
Tres Puentes Senior Apartments, a $117.7 million affordable housing community for seniors and individuals with special needs, opened its doors in the Bronx in May. The two-building property provides 175 units along with 10,000 square feet of health-oriented commercial and community space.