News

The Nevins Street Apartments were included as one of three examples of “what determination and teamwork between stakeholders can accomplish” in Multi-Housing News‘ “Case Studies in Affordable Housing.” Developed by the Institute for Community Living, Nevins Street Apartments provides 60% supportive housing for at-risk populations and 40% affordable housing for residents at 60% area media income (AMI). Financing to redevelop the 1913-era former YMCA into independent living units included Low-Income Housing Tax Credits (LIHTC). HSE served as deal counsel.

Phase 1 of The Peninsula, an affordable housing development constructed on the site of the former Spofford Juvenile Detention Center, opened today in the Hunts Point neighborhood of Bronx. This phase of the Peninsula will bring 183 affordable housing units to market, as well as retail space and studio space for artists. All of the 183 housing units are reserved for individuals and households earning 30-80% AMI and 18 units are specifically set aside for formerly homeless New Yorkers. When the five-acre development is complete, it will include an additional 557 affordable housing units, an early childhood education center, a one-acre public plaza, a wellness center, and a supermarket. You can read more about the Peninsula and watch video from the grand opening on NYC.gov and at Multi-Housing News, the Bronx Times, and New York YIMBY.

Landy Court, an 80-unit affordable and supportive housing development in Yonkers, opened today, as reported in New York YIMBY. All of the units are reserved for individuals and households at 60% AMI. Supportive services, including individual case management, employment assistance, and support for combatting substance abuse, will be provided by St. Joseph’s Medical Center.

The $49 million project was financed through a combination of permanent tax-exempt bonds, Federal Low-Income Tax Credits, a New York State Homes and Community Renewal (NYSHCR) subsidy, and funding from the New York State Office of Temporary and Disability Assistance, the New York State Office of Mental Health, and program development grants.

Landy Court was developed by St. Joseph’s Medical Center and Concern Housing. HSE served as deal counsel.

As reported in New York YIMBY, the new Trinity-Reverend William James Senior Apartments located at 1074 Washington Avenue in the Bronx are now open. Formerly known as 1080 Washington Avenue for the address of the land that previously housed a vacant church, the new development creates 154 affordable apartments, a 5,400 square-foot ground floor space for wrap-around social services, recreational spaces, and garden. Thirty-seven percent of the apartments are reserved for formerly homeless or incarcerated senior citizens. The remaining units will be available to residents at or below 60% AMI.

The project was developed by Bronx Pro Group, United Methodist City Society, and The Fortune Society. Curtis + Ginsberg was the architect of record.

HSE served as deal counsel. Financing included $33 million in equity from federal low-income housing tax credits (LIHTC), $15.9 million in permanent state tax-exempt bonds, $13 million from the New York City Department of Housing Preservation and Development (HPD), $11.6 million in subsidies from the New York State Homes and Community Renewal (HCR) and $2 million from HCR’s Community Investment Fund Program. Enterprise Community Partners, Freddie Mac, and JP Morgan Chase provided additional funding.

In “Two Upscale Developments Offer Two Divergent Futures for the South Bronx,” Curbed‘s Justin Davidson compares the architecture, purpose and development of The Peninsula, an affordable housing complex in the Bronx, with that of market-rate development Bankside. “[T]hese two megadevelopments, one a deluxe enclave built by a corporate juggernaut on prime waterfront land, the other a wholly and deeply affordable complex erected by a mission-driven, Black-run nonprofit, lay out two different futures for the South Bronx.”