RELEASE: The Doe Fund and partners hold ribbon cutting for Crotona Park affordable housing development

 

NOVEMBER 17, 2017, THE BRONX—The Doe Fund was joined by the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Authority (NYCHA), the New York City Human Resources Administration (HRA), and development partners today for a ribbon cutting ceremony celebrating the completion of Crotona Park, an affordable and supportive housing development in the Bronx. The new building’s 60 apartments are reserved for extremely low-income individuals. Rents at Crotona Park will be kept at or below 30% AMI, which is $22,040 for a single person.

Located at 1420 Crotona Park East, the eight-story, 36,400 square foot building includes 60 studio apartments, 36 of which are for formerly homeless individuals with chronic conditions, and 24 of which are reserved for seniors currently on the NYCHA wait list. The residence includes a community room, a landscaped courtyard and garden, on-site laundry facilities, and 24-hour professionally staffed security.

“Crotona Park East exemplifies the City’s commitment to creating new, supportive and affordable housing opportunities for the New Yorkers who need it most. More than half of the residents that will be able to call these high-quality apartments home  will receive the supportive services that are critical for their continued wellbeing, and the remainder will be reserved for senior citizens,” said Housing Preservation and Development Commissioner Maria Torres-Springer. “I’d like to thank my colleagues at HPD, our partners at The Doe Fund, HRA, and Citi, as well as our many development partners for their work to provide safe, secure and affordable housing for some of our city’s most vulnerable residents.”

“We are committed to preserving our existing and creating new, affordable housing for the City’s low-income and vulnerable residents,” said NYCHA Chair and CEO Shola Olatoye. “Through our Section 8 project-based vouchers, Crotona Park will be a safe, clean home for our seniors that is truly affordable.”

“Affordable and supportive housing units like Crotona Park are a vital part of the fight against poverty and income inequality in New York City,” said Department of Social Services Commissioner Steven Banks. “Stable housing is essential to mental and physical health, and supportive housing services are a proven way to help those who otherwise would be homeless or at-risk of homelessness. I want to thank The Doe Fund, our sister agencies HPD and NYCHA, and all others involved because through these effective partnerships we are able to help even more New Yorkers in need.”

“We couldn’t be more proud to celebrate this wonderful development, Crotona Park,” said The Doe Fund Founder and President George McDonald. “Our partners in the government and private sectors have been with us every step of the way to bring more affordable and supportive housing to this vibrant and diverse part of the Bronx. Thanks to their collaboration and commitment to improving the lives of New Yorkers in need, residents of Crotona Park can enjoy healthier, happier and more stable lives.”

“Citi is proud to have provided construction financing for Crotona Park and we are excited to help The Doe Fund and our partners celebrate the opening of this important project,” said William Yates, a Director with Citi Community Capital.

Darryl Seavey, Managing Director Northeast Region for Raymond James Tax Credit Funds, Inc. said, “Raymond James is thrilled to have once again partnered with The Doe Fund for their Crotona Park project. Crotona Park is an extraordinarily well designed project that helps bring more high quality affordable housing opportunities to the Bronx. The property builds on The Doe Fund’s unwavering commitment to help ensure a greater quality of life for some of the city’s most vulnerable citizens.  We congratulate The Doe Fund on furthering their mission with another successful project.”

The project has a NY/NY III services contract from a division of the New York City Human Resources Administration, enabling The Doe Fund to provide onsite services including comprehensive case management, linkages to health care, and other services as needed such as job preparedness, employment training, and drug/alcohol prevention services. Crotona Park joins the existing portfolio of supportive and affordable housing developments operated by The Doe Fund throughout New York City. The HPD regulatory agreement on Crotona Park will keep the development affordable for the next 60 years at least.

The total development cost for Crotona Park was $21.1 million. Citi Community Capital acted as the lender in this financing deal and provided a $16 million bank loan toward construction financing and a $5 million bank loan toward permanent financing. NYCHA provided Section 8 Project-Based Vouchers for the entire project. HPD provided a $2 million loan and low-income housing tax credits to the development which will generate $13.9 million in tax credit equity toward permanent financing. Raymond James Tax Credit Funds was the project’s tax credit syndicator.

L Riso & Sons Co. is general contractor for Crotona Park. Delacour, Ferrara & Church Architects is the project’s architectural firm. Crotona Park was completed in December 2016 and has reached full occupancy.

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