Mill Brook Terrace, a 158-unit affordable housing development for senior citizens, is now open in the Mott Haven neighborhood of the Bronx. Developed by the West Side Federation for Senior and Supportive Housing and the New York City Housing Authority (NYCHA) and designed by Perkins Eastman, the nine-story building also includes an 8,700 sqft senior center and a 1,000 sqft public community space. Approximately 30% of the residential units will be set aside for formerly homeless residents.
HSE served as deal counsel. As reported in New York YIMBY, a combination of public and private financing for Mill Brook Terrace was obtained from sources including Capital One, Federal Home Loan Bank of New York, the National Equity Fund, NYC HDC’s Extremely Low and Low Affordability (ELLA) Program, NYC HPD’s Senior Affordable Rentals (SARA) program, the NYC Office of Environmental Remediation, and New York City Council Discretionary Capital sponsored by councilmember Diana Ayala.
More details are also available at Real Estate Weekly, Bronx Times, and News 12 Long Island.