The Doe Fund Announces New Affordable and Supportive Housing in The Bronx
60 Studio Apartments Will Serve Low-Income Individuals and HASA Clients in New York City
THE BRONX, NEW YORK — New York City-based nonprofit organization The Doe Fund was joined by the New York City Department of Housing Preservation and Development (HPD), Citi Community Capital, and development partners today to announce plans for a new 60-unit development located at 1420 Crotona Park East in The Bronx. The soon-to-be constructed eight-story building will include a total of 60 supportive, affordable housing units of which 36 will be reserved for HRA clients with chronic conditions. Citi Community Capital, a leading investor in developing communities and neighborhoods, has financed construction. This project will join the existing portfolio of supportive and affordable housing developments operated by The Doe Fund throughout New York City.
“Affordable and supportive housing is one of the most important tools we have to combat and prevent poverty in New York City. Our partners in the city government and the private sector recognize that and we are all so proud to answer the Mayor’s call for more affordable, safe, and accessible apartments for New Yorkers.” said George T. McDonald, founder and president of The Doe Fund. “When we invest in areas like Crotona Park, not only are the lives of residents uplifted, whole communities rise, as well,” he continued, referring to a 2008 Furman Center study which showed that new supportive housing developments increase the property values of surrounding neighborhoods and communities.
“The security of knowing where you will sleep at night is unfortunately not a given for too many New Yorkers,” said HPD Commissioner Vicki Been. “The city is committed to do more to finance the creation of new, supportive, and affordable housing opportunities for the most vulnerable among us. I am proud that HPD’s partnership with The Doe Fund will make possible this new 60 unit, high quality supportive housing development. Thanks to The Doe Fund, HRA, Citi, and all of our development partners, soon 60 individuals will begin and end each day knowing they have a safe, secure place to call home.”
Richard Gerwitz, Co-head of Citi Community Capital, hailed the project as a major achievement in the fight to end homelessness in New York City. “We often talk about the extraordinary challenges we face as a society with homelessness,” he said. “We strongly believe in this initiative and are proud to play a part in helping provide this much needed affordable housing and support services.”
The development will serve extremely low-income individuals earning less than $18,150 annually. The project has a NY/NY III services contract from a division of the New York City Human Resources Administration that will enable 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.
The residence will also include community and common spaces, a landscaped courtyard and garden, and 24-hour professionally staffed security.
The total development cost of the 1420 Crotona Park East project is approximately $21 million. Citi 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. HPD provided low-income housing tax credits to the development which will generate $13.9 million in tax credit equity toward permanent financing.
The Crotona Park East development will be complete by December 2016.