$67 million for supportive housing development in Bronx
The building being constructed, part of a larger mixed-use development known as La Central, will create 160 units of housing, including 97 supportive units for formerly homeless New Yorkers with special needs.
The La Central development will feature multiple buildings with mixed-income affordable housing, retail, community and recreation spaces, helping to revitalize the Melrose neighborhood in the South Bronx.
Breaking Ground will develop the supportive housing component of La Central, while Comunilife will provide support services.
The total development cost for the project is $67 million. The project is financed with several resources from HCR, as well as State and local partners.
New York State's Housing Finance Agency is providing $31 million in tax-exempt bond financing towards the construction of the project.
At project completion, permanent financing will consist of nearly $27 million of Low Income Housing Tax Credit generated from HFA's tax credit allocation; $11.5 million from HCR's Supportive Housing Opportunity Program; $5.9 million from OTDA's Homeless Housing Assistance Program; $12 million from the Supportive Housing Loan Program via the City of New York's Department of Housing, Preservation and Development; and $230,000 from the NYC Office of Environmental Remediation.
The project is also part of the newly launched Empire State Supportive Housing Initiative.
Additional capital funding came from Wells Fargo and the Corporation for Supportive Housing. ■