News

Developers have broken ground on Starhill Phase 1, a development that will create 326 units of affordable housing in the Bronx. Approximately 61% of the units will be set aside for New Yorkers currently experiencing homelessness, with the remainder allocated for households earning 30-80% of area median income (AMI) and one on-site superintendent. Starhill Phase 1 is being developed by Bronx Pro and Services for the UnderServed, a housing accessibility and empowerment not-for-profit that will also provide services to Starhill’s residents. The $189 million project is financed by $20.6 million in permanent state tax-exempt bonds; federal Low-Income Housing Tax Credits  (LIHTC); a $31.5 million subsidy from New York State Homes and Community Renewal (NYSHCR); $31.5 million from the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program; and $1 million from the City Council of New York. HSE served as deal counsel. More details are available at Multi-Housing News.

As reported by News 12, a ribbon-cutting ceremony was held today to celebrate the opening of Bedford Green, an affordable housing development in Bedford Park. Developed by Project Renewal, Bedford Green delivers 117 affordable and supportive housing units, including 71 units set aside for formerly homeless New Yorkers, families impacted by mental health or substance abuse, and people living with HIV/AIDS. The remaining units will be allocated to households earning up to 60% of area median income (AMI). The building designed by ESKW/Architects features a rooftop greenhouse and aquaponic urban farming system, which will be incorporated into horticultural therapy services as part of the wraparound services provided by Project Renewal.

Financing was provided by the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), and the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program; a construction letter of credit and tax credit investing from Bank of America; grant funding from the Harold and Jeannette Weinberg Foundation, TD Bank, and Deutsche Bank Foundation; operating funding from the New York City Department of Health and Mental Hygiene and the New York City Human Resources Administration; and a pre-development loan from the Corporation for Supportive Housing. HSE served as deal counsel.

Video of the ribbon-cutting can be viewed at News 12 and more information about Bedford Green is available on the City of New York’s website.

Phase One of Bronx Point, a mixed-use building in the Bronx that will provide 542 affordable housing units, has topped out. As reported in New York YIMBY, the brick facade now encloses about half of the 22-story structure. Bronx Point is being developed by L+M Development Partners, Type A Projects, and BronxWorks, and designed by S9 Architecture. HSE served as deal counsel. More project details and progress photos are available at New York YIMBY.